CEO: Sign of the times... In the current technological/regulatory environment, markets are becoming inordinately fragmented. Paradoxically, rule changes such as Reg NMS, order handling rules and decimalization, were supposed to encourage limit order display, and increase transparency.However, instead of leveling the playing field, we now live in a completely fragmented market, with 50 or so dark pools, 10 or so exchanges and liquidity displayed to privileged participants.
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Market Data 
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