In slow, small, illiquid markets, exchanges are treated like heroes. In mature, liquid, high-velocity markets, exchanges are treated like villains.
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Example: Tradeweb/MarketAxess are "heroes" in corporate bonds, lowering costs & improving transparency by creating electronic liquidity. NYSE/Nasdaq/CBOE are "villains" in equities, raising data costs, lobbying against change & struggling to stay competitive.
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How much does the regulatory regime each operates in affect this perception, would you say?
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I bet you could cut down on the hero factor in a place like this.
End of conversation
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I don't know the roots of TW/MKTX at all, but I think some of the animosity toward NYSE/Nasdaq is bc they spun quasi-govt utilities into for-profit companies (...but still want exch immunity)
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