Let me get this straight, the NYSE is the only real market maker in this market. all ECN or alternative electronic exchanges have no liquidity. Why does the SEC allow so many exchanges for? http://www.telegraph.co.uk/finance/...rule-out-counter-offer-for-NYSE-Euronext.html 1. Headquarter in new york and europe 2. incorporated in netherland? what i the point of merger when you have two presidents..the sole purpose of merger is for current shareholders of NYSE to bail out their investment at a profit now. NYSE and CME and all the exchanges at one time were non-profit and the exchange owned by trader/member brokers. the exchange is nothing without traders/investors. The exhange is just a 'marketplace' where shares are 'traded' the backoffice stuff like clearing is done by banks now what are the consequence, many. 1. contrary to popular belief, the exhange is not controlled or enforce by the SEC. The rules of the exchange is run by a few large players or major market participants like Fidelity, Goldman, JPmorgain .citigroup and a few large players. now since the exchane is incorporated in the netherlands, you now have a foreign company controlling the american financial system. the NYSE is the heart of US financial system