Exchange "Dinosaurs" Bite Back

Certainly exchanges have been forced to adapt as they feel the heat from new venues. But just as some people thrive under pressure, those new entrants seem to be keeping exchanges on their toes and making them strive to be more competitive.

Matched volume and market share are crucial measures of a venue's competitiveness. Last Monday, March 16, the Direct Edge ECN, which is planning exchange status, topped the BATS Exchange (formerly the BATS Trading ECN) as the third-largest US equity venue, beh