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Stock exchanges turn into ETF exchanges as passive management rules all

ETFs may have grown in popularity, but the most traded security is still a stock: 108 million shares of Bank of America Corp change hands on average per day.

New York

STOCK exchanges are increasingly getting out of the stock trading business.

As weird as it may seem, individual shares are no longer the most actively traded securities in the market. That distinction goes to exchange-traded funds, which took in a record US$400 billion in...

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