近年来,以纽约证券交易所和纳斯达克为代表的美国全国性市场体系(National Market System,简称NMS),由于自身出现问题以及外部环境的改变,正面临来自其他新型市场交易体系——例如电子化交易网络 (Electronic Communication Networks,简称ECNs)等的挑战。作者在上一部分指出,由于美国证券交易体系在监管和运作方面存在的结构性问题,以及当今技术进步的影响,其重新定位的时机已经到来。在这一部分,作者探讨了目前美国各交易场所在竞争中所存在的问题及可能的解决方式。本文为本刊美国特约编辑杰姆斯·巴茨(James Barth)博士的荐稿。本文作者为康奈尔大学约翰逊研究生院的管理学教授。 In recent years, the National Market System (NMS) represented by the New York Stock Exchange and the Nasdaq, facing problems arising from its own problems and changes in the external environment, is facing the trading system from other new markets - Such as Electronic Communication Networks (ECNs). The author points out in the last section that the time has come to relocate because of the regulatory and operational structural problems of the U.S. securities exchange system and the impact of today’s technological advances. In this section, the author explores the current problems and possible solutions to the competition in the U.S. exchanges. This is the manuscript for Dr. James Barth, our contributing editor in the United States. The writer is a management professor at Johnson Graduate School of Cornell.