Felix Salmon Nails The Problem With Exchanges

http://www.nytimes.com/2011/02/14/opinion/14Salmon.html

No intro. Just read!

Wall Street’s Dead End

By FELIX SALMON

THE stock market has been big news in recent days. Last week’s report that Deutsche Börse, a giant German exchange, intends to buy the New York Stock Exchange, creating a company worth some $24 billion, arrived shortly after the Dow broke the 12,000-point barrier for the first time since before the financial crisis. 

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