Mike, I think the bigger issue is having so many exchanges in the first place. We have 16 active US stock exchanges, 3 more that were just approved (MX2,24X, GIX) and two more pending approval (TXSE, Dream). Rather than just continuing to approve new exchanges, the SEC should start removing the protected quote status of exchanges with less than 1% market share (there are 6 of these). This would eliminate some of the quote and cancellation noise.
Joe is a pleasure to read.
Hard to argue with this.
Joe- good question at the end- what do you think the right answer and formula should be?
Mike, I think the bigger issue is having so many exchanges in the first place. We have 16 active US stock exchanges, 3 more that were just approved (MX2,24X, GIX) and two more pending approval (TXSE, Dream). Rather than just continuing to approve new exchanges, the SEC should start removing the protected quote status of exchanges with less than 1% market share (there are 6 of these). This would eliminate some of the quote and cancellation noise.
That makes a lot of sense - thanks Joe