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Robert Greifeld, NASDAQ's chief executive, believes that the future pecking order "will be determined not by whether your market trades round the clock, as some think"—he may have Mr Thain in mind—"but by how successful exchanges are at creating efficient transaction-processing machines.
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The biggest prize, however, is the global trade round.
Last month, the Organization for Economic Cooperation and Development also called for a trade round.
Regardless of the outcome of America's election, the Doha trade round is on life support.
Of course, he agrees, agriculture will figure large in a new trade round.
China's entry into the WTO in 2001 felt like a trade round in itself.
Poor nations have long been sceptical of the benefits to them of a new trade round.
THE Doha trade round was supposed to be finished by now.
America wants to act as Europe's partner in launching a new trade round.
Moreover, this would not be the first time that a trade round started in turbulent times.
Farm subsidies will be dealt with in the current global trade round.
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