dealer intermediatation is substantial in both types of matching venues. but many orders are not intermediatated on these matching venues they are being executed by dealers. trading represents 35% of equity volcome paired to just 25% five years ago. and the majority of this volume actually reflects broker dealers executing directly the orders of both retail and institutional traders. so today even in the very lively debate about the various aspects of equity market structure one would be quite hard pressed actually to find concerns being expressed about a lack of competition among equities, exchanges and other intermediaries or that they have failed to take advantage of new technologies. at least with respect to exchanges this is actually a major change from the past. where a primary concern was for years the potential for dominant markets to stand in the way of forces of technology and competition. this was certainly a concern in the forefront in 1975 when congress amended the exchange act to direct the commission to facilitate the creation of a national