1. The NYSE has fought to regain market share by: (a) paying market makers to provide liquidity; (b) designating Örms to be supplemental liquidity providers; (c) lowering execution times; (d) all of the above

2. Market fragmentation has: (a) led to exchange bankruptcies; (b) more upstairs trading; (c) increased algorithmic trading; (d) weakened exchange competition.

3. Reg NMS: (a) allows trade throughs that violate price priority; (b) allows quoting in sub-penny increments; (c) has driven high frequency trading overseas; (d) prevents the use of áash orders;

4. To gain long exposure to the Euro, a U.S. investor could (a) buy stocks in the UK; (b) invest in the Vanguard ETF with symbol VGK; (c) buy commodities; (d) sell short European ADRs.