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  "documentTitle": "IBV Old Game New Rules FinMarkets",
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      "text": "The majority of ECNs in the U.S. cater to the needs of the institutional market. Europe has close to 20 equity ATSs in place, but is impeded by the complexities of multiple clearing systems and numerous trading barriers. Currently, European ECNs are, for the most part, devoted to providing value-added services rather than direct access. Japan, on the other hand, has been slow to adopt equity ATSs; to date, the country has only four systems.",
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      "text": "More power to the buyer. Traditionally, sell-side firms reaped the benefits of information asymmetry... [full text follows]",
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