The arrival of large full-service brokerages on the Internet and the evolution of the on-line target market has changed the playing field for Internet trading, according to executives from several on-line brokerages.

At Jupiter Communications' on-line financial services conference last week, these executives pointed to Merrill Lynch & Co.'s shift this year to on-line trading as a sign of the times, in which traditional brokerages adopt the Internet as a delivery channel and compete with the on-line pioneers.

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