For equities? Options? Futures??? what specific instrument are you reffering to? If Equities 1. BATS - http://www.batstrading.com/ 2. EDGA/X - http://www.directedge.com/ ??. NYFIX Millennium - http://www.nyfix.com/ ??. Lava - https://www.lavatrading.com/
This is utterly meaningless. Provide a link to some reputable stats... No one cares what your opinion is.
Are you shitting me? ISLD or ARCA has to be #1 and the other #2, I guess BATS could be #3... and edge A/X #4, but they haven't surpassed ARCA and ISLD (NSDQ, whatever).
ARCA (NYSE) and NSDQ are the largest based on volume in equities. GLOBEX (CME/NYMEX) is the largest electronic derivatives exchange...
what about TRACK??? lol... just kidding... for stock, is something like NSDQ or ARCA for 1 and 2 BATS and EDGx/a for 3 and 4...