Legal largesse and the incestual SEC/Corporate legal largesse will drive the domicile of US exchanges to lessor legal largesse impositions. Nobody knows this better than the big investment banks. They took part in ECNs which won their game....just ask the NYSE.....and now it is a matter of where the exchange is located due to legal largesse heavy impositions..... Go BATS business model go..... http://www.financeasia.com/article.aspx?CIaNID=82355 Computer banks do not care where they are. However, taxing governments with legal largesse impositions do.....or should.....that is if they like tax revenues and more control of job/tax producing firms....