Stock Exchanges Aren't in One Place Anymore

The us. Government had granted licenses to these stock exchanges on the condition that they referee the stock market. Winners and losers are no longer determined solely based on who understands a company better. The reff got bought, in this case, the refts or the stock exchanges. They were providing a slow picture of the stock market to ordinary investors while selling a faster pi of that same market to a select group of high speed traders.