held stock $60,000,000 Shares publicly held 1,100,000 Number of holders of 100 shares or more 2,000   Source: Data from the New York Stock Exchange Fact Book, 1999.     Table 3.3 Average Daily Trading Volume in National Stock Markets, 1999   Shares traded Dollar volume Market (Millions) ($ Billion)   NYSE 808.9 $35.5 Nasdaq 1,071.9 41.5 Amex 32.7 1.6   Source: NYSE Fact Book, 1999, and www.nasdaq.com. I. Introduction 3. How Securities Are Traded The McGraw−Hill Companies, 2001           72 PART I Introduction     Other new sources of competition for the NYSE come from abroad. For example, the London Stock Exchange is preferred by some traders because it offers greater anonymity. In addition, new restrictions introduced by the NYSE to limit price volatility in the wake of the market crash of 1987 are viewed by some traders as another reason to trade abroad. These so-called circuit breakers are discussed below. While most common stocks are traded on the exchanges, most bonds and other fixed- income securities are not. Corporate bonds are traded both on the exchanges and over the counter, but all federal and municipal government bonds are traded only over the counter.     The Over-the-Counter Market   Roughly 35,000 issues are traded on the over-the-counter (OTC) market and any security may be traded there, but the OTC market is not a formal exchange. There are no member- ship requirements for trading, nor are there listing requirements for securities (although there are requirements to be listed on Nasdaq, the computer-linked network for trading of OTC securities). In the OTC market thousands of brokers register with the SEC as dealers in OTC securities. Security dealers quote prices at which they are willing to buy