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I like this chart from Nasdaq's economic research team visualizing the two tiers of the equity market. - Public exchanges set market prices for stocks - Off-exchange venues use those prices to execute hidden tradespic.twitter.com/oKCZmXAW1E
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This system breeds a dilemma: the more trading moves off-exchange, the less volume goes into setting market prices that everyone is forced to rely on.
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It's a great slide, Hide. Question I would ask is whether the regulators really think they have achieved their aims. Market efficiency will NEVER be delivered edict.
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