[jodrellblank]

Wikipedia's "List of major stock exchanges"[1] has 19 exchanges, not 'thousands', and the LSE is the 11th. How is that not a significant data point?

[1] https://en.wikipedia.org/wiki/List_of_major_stock_exchanges (Nasdaq Nordic and Baltic are presented combined into one valuation)

[blibble]

there are more financial markets that stock exchanges

exchange traded equities are a minority of trading (probably not even 1%)