Stock exchanges once were operated as not-for-profit public utilities, managing the listing and trading of companies in the public marketplace. Today, they have morphed into rent-seeking, publicly traded companies in the zero-sum game of executing orders.
Where once there were many winners, now there are distinct winners and losers. High-frequency, algo-driven traders -- and the exchanges that now exist to serve them -- are the winners; everyone else is a loser.
QuickTake Trading on Speed