e can also be gained from pooling exchange overheads, such as marketing, in house technology and so on. These have gained a lot of support in linking of exchanges that were otherwise not significant. As in the proposed European central market, with more members joining, it lessens the overhead costs, yet also creates more trading opportunities, thus increasing the liquidity of those particular markets. (Bank of England 1999 & The Economist, 2000) As the links and mergers of markets increases through different technological avenues, the competition between national and international markets also increases. Exchanges are able to offer remote trading platforms, as seen in Manchester, which is a regional exchange of the LSE, and Chicago, which is regional to the NYSE. These regional exchanges are do conduct a significant level of business with Chicago, Boston and the Pacific conducting 4.23%, 1.63% and 1.65% of the trades in the NYSE respectively. The importance of these exchanges is they are able to provide listings for companies that would other wise not meet the strict criteria of the NYSE and among others permits brokers unable to gain a seat on the NYSE to trade without going to the NYSE itself. These remote trading platforms are able to compete for business, which would otherwise be unattainable. Competition has also increased recently with the growth and development of, Over-the-Counter (OTC) markets. The NASDAQ is the largest example of an OTC market, which provides a quote-driven, non-standardised tailored product for the client. The NASDAQ is known for its massive hold over the technological market with Microsoft, Dell, Intel and Cisco to name a few of the markets lager conglomerates. The NASDAQ, with less stringent entry requirements, is able to have more public offerings straight into the market, something that is not possible in the NYSE, and now as the NASDAQ has plans to link to the LSE in the future, there may be no need f...
