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are exchanges losing share, or just not participating in incremental volume from a constituency from which they've never been directly relevant?
Interesting point - Would that mean that exchanges shouldn’t worry about losing out on this incremental volume? On-exchange share matters not?
maybe not. after all, uninformed order flow pays negative commission -- its value is extracted by a risk-taking intermediary. how does an exchange make money charging matching fees? that's always been the rub. myth: all order flow is created equally.
I agree with my esteemed colleague Jamie. can't go 100% dark - price discovery is done in lit markets. But what is upper limit? good question. Thought it was ~40% but we passed that long ago. But most of this is retail, so exch are just not participating in retail bump
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