The other subject that must be understood....is that efficiency does not end here.... This is only the beginning of efficiency. Legal largesse is one of the highest and heinous costs to productive firms in the US. Make no mistake that firms such as BATS are laying the ground work for "BATS LIKE" firms to establish the new world's stock exchanges where costs such as legal largesse are minimized, namely not in the US , whereby the SEC/Corporate incestual country club game is soon to be over, amen. WS firms used to describe name labeling on certificates as a business worth being in.....now the business can change labels via direct access for 20 cents per 100 shares .... Once direct access has completed the rounds on all the world's exchanges, look for major domiciles and databanks to be located in the land of efficiency.... Computer banks do not care where they are..... ........................................................................................ By the way, does one still trust the US rating agencies abilities to crunch numbers ? One is perhaps looking for a better way. Listings should be low cost boiler plate, as well as regulations. Nothing is more efficient than low cost non-interest non-obligatory debt, namely the mainstay of capitalism called common stock. Common stock costs needs to be minimized as well. Any grandmother should be able to access the internet and see reliable numbers, and make their own guesses. It is getting more hillarious every day with the likes of Bloomberg, whereby someone's cousin who got Bloomberg time gets the bully pulpit, spewing out gas, hoping to make a buck on somebody elses's money. Yep, times are changing.