Word: hives
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Dates: during 1970-1970
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...with a potential seller to dicker over the terms. To preserve the coveted anonymity, both parties are identified only by coded numbers. A deal is closed when a trader pushes the teletype's "accept" button. Instinct began operating last December, and this year its 25 subscribers (mostly banks) hive made 500 trades involving 1,600,000 shares of stock. The fees often amount to only one-third of the commissions on the Big Board...