, Columnist
SEC Cuts Stock Exchanges’ Fees
Also hunting trips, insider trading, Harvard/Goldman alums and financialization.
Data fees.
A good crude model of U.S. equity market structure is that there are 100 trading firms and three stock exchanges. This is not exactly true—there are 13 stock exchanges, plus a bunch of dark pools, and thousands of traders—but it has a certain practical usefulness. Twelve of the 13 exchanges are owned by three companies, which together control a big chunk of stock trading.1 And about 100 traders—big brokerages who execute orders for customers, and big high-frequency traders who execute orders for themselves—do the bulk of the trading on those exchanges.2