One of the main problems with the current equity market structure that pushed Brad Katsuyama to apply for a new exchange, ironically enough, is that there are too many trading venues. Liquidity is disbursed across more than 50 venues, which can create inefficiencies that can be exploited by high-frequency traders. "One of the issues with market structure is there are too many venues; back in the old days when 90% of the volume was at the NYSE you could go there and get most of [the liquidity that] was available," says Keith Ross, CEO of dark pool PDQ ATS. Ross sees many of the same problems as Katsuyama and PDQ has come up with a different way to address it.
展开▼
