Exchange Reality

LETTER FROM THE EDITOR

Not long ago, during his presentation at a New York City industry event, Matt Andresen, head of Chicago-based Citadel Derivatives Group, formerly CEO of Island and COO of Instinet, actually invoked the film Apocalypse Now to describe changes in the exchange continuum worldwide.

The back story: In the US, futures exchanges are at the top of the food chain because they own their order flow, there is no internalization in the market and they clear their own trades. Hence, high barriers keep entrants

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