                                                57

      ,   -
       
 .  ,    ,  -
         
 NYSE   ,    
  ,     NYSE.    
 (third market).         
      .  -
      ,    
   ,   ,      
 ,      .  . 3.2, -
       1992 .    18 . .

 1976 .  394     NYSE   
             
   ,     NYSE.  1976   394
   390,     -
    ,       -  
      . , 26  1979 .,  
     ,     
           , -
   NYSE.   390   ,    -
 .  ,        -
  NYSE   ,    ,  
   NYSE, ,   ,     -
.

        
     ,      ,   ,
   .  ,    
     ,  -
  (fourth market).        -
        Instinct
(Institutional Network Corporation)^.       -
   ,    ,     -
, ,    ,    -
 .         -
   .      -
    ,        
.       -
 ,     
       .  
    POSIT  Crossing Network,      
     .

3.2.5       

 -        
    .        
   .     
 . ,  ,   1991 .    
   813   ( 1927  -
   ),      -  125 -
  (   1650  ).