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In a recent speech discussing the tremendous technological changes presently occurring in the securities industry, SEC Chairman Arthur Levitt declared that “[w]e should not indiscriminately jettison the features of yesterday any more than we should allow entrenched interests to stonewall new market entrants and technologies that offer us superior efficiencies. Only by embracing change, renouncing obstructive impediments, and harnessing innovation and competition will we guarantee to our investors, our economy, and our nation the world’s most successful capital markets.” See Text of Speech

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