http://www.bloomberg.com/apps/news?pid=20601109&sid=agFM_w6e2i00 Times have changed.... BATS has proven that an exchange can be "software".... And BATS has proven this.... by quickly taking NYSE market share that it has the superior operating model.... ........................................................................ The catch 22 being ....should an exchange be owned by the gamers of the exchange ....? If so....why ???? .......................................................................... "Public" securities should trade (discover prices) on a "public" exchange.... All "public" prices should be discovered on a first come....first served...direct access electronic stock exchange.... All private venues that allow "public" securities to be privately transacted should be shut down.... ........................................................................ Trading technology has come a long way....and has much further to go....particularly globally.... "Software" means that an exchange can be located anywhere.... ........................................................................... "Software" also means that electronic ownership label changing by timestamp should cost virtually nil per 100 units.... ............................................................................ All public securities should not be taxed in any form by anyone....in the name of efficient capital for innovation....
Who should own the exchanges? what kind of fuck-up would ask that? I've had enough of your shit, you're going on my ignore list.