[JumpCrisscross]

> dont [sic] think you know what you are talking about

As someone who has participated in the founding of a stock exchange, and who electronically traded equities and equity derivatives across every exchange in America, I really do.

> they have differences in the regulatory programs

What pertinent regulations do you think separates a BATS trade of a share of stock in a Texas corporation listed on the NYSE from an internal cross in a California bank of another Texas corporation listed on the NYSE Texas that has to do with the listing exchange?

> they also have differences in the fee schemes, e.g. how they make money on the order flow going through the exchange

This is market microstructure. Nothing in the announcement indicates a different microstructure from the other NYSEs.

[DontchaKnowit]

Well the regulations are the same but some exchanges are SROs so they all have different regulatory/surveillance programs. Also different exchanges list different securities.

Also I don't understand why you would think that differences in "market micro structure" equates to "jack shit" differences. Its fairly significant, especially for high volume trading.

[JumpCrisscross]

> some exchanges are SROs

Some exchanges are also in China. Not relevant to this one.

Texas f/k/a Chicago isn’t a separate SRO.

> different exchanges list different securities

Irrelevant for equities due to NMS.

> don't understand why you would think that differences in "market micro structure" equates to "jack shit" differences

There are no proposed microstructure differences.

> for high volume trading

Re-read the thread. I was literally a professional high-volume trader.

People tend to be very reductionist about finance when they really they just dont [sic] fully understand.