Chapter 4. What Might Be Next
Introduction
In the long history of financial exchanges, it was not that long ago that the world of exchanges was, in essence, a world of monopoly. At the exchange level, we had a monopoly on liquidity. On the sell side, we had monopolistic access to that monopoly liquidity position. On the buy side, you were absolutely required to go through a broker to access the liquidity and execute a transaction—another monopoly, in a sense.
Where else on the planet, one could ask, or in what other industry could you find a monopoly like that?
This monopolistic environment created a lot of issues and opportunities. On the sell side, it certainly provided a great deal of value because the information players had on the sell ...
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