TabbForum Editorial: What Is an Exchange?

Exchanges’ roles in our market structure have devolved so much so in recent years that when the SEC put together its Equity Market Structure Advisory Committee last year, it didn’t even bother to include the NYSE and Nasdaq. In an effort to restore their market share and role in the markets, exchanges have been looking to aggressively expand and diversify – into brokers’ turf and order routing services.

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