But the price information often does not flow much beyond an exchange's own walls, and prices vary widely between exchanges.

Relations have gradually improved with official state visits between the two countries and various exchanges.

One might have expected payment for order flow to die because of increased price competition between market makers and exchanges.

The competition between exchanges sometimes reflects official support for the "national champion".

Competition also exists between European exchanges on what is the most appropriate trading technique.

That will become especially important in the coming global battle between exchanges for international securities-trading business.

We have always made the distinction between contacts and exchanges.

He drew attention to the difference between exchanges in the market and in the political sphere.

Improved communications between exchanges also help - what is known as the hoot-and-holler system.

The proposed changes, agreed upon in a conference call between exchanges, are still subject to revision.