[galen211]

The problem is that the market has been skewed by banks, which set-up the existing electronic platforms in the 1990's. The electronic trading protocols were designed to be exactly like a telephone conversation between the bank and its customer. By restricting who can 'listen' to the conversation, banks create a private information loop, where the largest banks with the most customers can capture more of the information in the market than other participants. Effectively, this advantage over the market means that investors have been subsidizing billions of dollars a year in bank profits for years.