Markets are complex and have been guided on this evolution of complexity by firms who profit from it. This complexity and fragmentation of markets has turned them into an indecipherable quagmire of rent-seeking, structural arbitrage, and inefficiency. It has created oligopolies and monopolies across the entire market landscape, from internalization to market data. It has resulted in high cost exchanges that are often avoided by both retail and institutional investors. It has resulted in inferior executions by restricting competition and concentrating power in the hands of a few firms. It has resulted in the inability of individual investors to understand markets, and has begun eroding their trust. The means of fixing these varied issues are all relatively similar - increase competition, reduce fragmentation, end subsidization and adapt Regulation NMS to a new technological reality.
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