AT&T is listed on the New York Exchange! Whoopie doo, it is also listed in about ten thousand SQLite data bases around the web.
But you can trade the stock on the NYSE! What does that mean? Someone at the NYSE will write a letter to Janet for you. Otherwise, trade is a pair of items is exchanged. But, everywhere we look, stock is exchanged for money, in the brokerages, hedge funds, inheritance courts, gifts, over the counter, mergers.
It is simply when traders are in a hurry to send a letter to Janet that they tell the NYSE. So, as Matt Levine notes, here is no value added at the exchanges.
Do corporations care? It is a funny thing. Take Google, their whole premise is distributed value on the web, except one place. All the delusional teenagers still pray to the exchanges, having no clue that these exchanges ate simply enforcers of Janet's monopoly. So, I have this simple remedy, a few hundred lines of code, a bit of marketing, and trillions in wealth discovered. But Google can't do it they are at heart a bunch of socialist cry babies..
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