Bill Singer: If you are asking whether I would advocate investing in NYX (NYSE/Euronext) or NDAQ (NASDAQ OMX), the answer is "No," not at this time. I think there is growing overseas competition for the U.S. exchanges and automated quote markets both in terms of fights of listings and for trading volume. While I applaud the amazing job that Robert Greifeld, I think that NASDAQ/OMX's stature has been damaged along with many financial market aspects of the U.S. and, at best, I see Greifeld and what remains of his management team (there have been a number of high level departures in recent months) as having their hands full simply maintaining the status quo. As to the NYSE, I see equally dim prospects and the additional burden of the specialist system, albeit with ongoing conversion to automated executions. I think Asian stock markets and emerging competition from the likes of Brazil and the ongoing competition from London will pose significant challenges to efforts by NASDAQ and NYSE to remain as the two dominant world venues.
Forbes Editors David Serchuk and Alexandra Zendrian: Let's kick things off with an old joke. How do you make a small fortune in the airline industry? Start with a large fortune and invest it in airline stocks.
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