Multiple exchanges

Financial News: For the first time in at least five years, NYSE Arca’s ETF listings have declined from a year earlier, with more than 30 ETFs defecting this month for Nasdaq Inc. and Bats Global Markets. While NYSE Arca is still the industry leader, with 1,543 listings and $2.3 trillion in assets, the competition is intensifying following high-profile market failures last year and the departure of some of NYSE’s top ETF talent.

The ETF needs sudden high volume capacity. But stock exchanges are easy to dset up with  the  new pit technology. So the large brokers (and ETFs) use the new technology to spread their bid/ask over multiple sites, as do most traders.  The NYSE loses its monopoly.

The stock market has low counterfeit risk, it is hard to trade on line as a fake someone, they make you keep a reserve, make a banker vouch, and so on.  Hence, the sand box assumption can be made, and stock trades from disparate pits can  operate within the sand box without double ownership of a stick, there exists a smart contract.

The set up:' Pit.boss = StockMarket.

It can use the default tax dollar or any other currency, and is really not much more than a flex price retail outlet.  The pit really is composed of a separate pit for each stock.  It cannot compress AT&T against WalMart;  but the good pits knows price history on a per stock basis.  They are designed to see through the index funds.  But, bets must be compressed, on a per stock basis, compressed to some small error, according to the set up. .

The pit delivers a priced transaction to some eternal hold and deliver company. The segmentation allows easy, and casual set up for dark pools who wnt to trade internally and eternally. Next time you see your broker just specify, Redneck trading systems only. Your broker knows what to do.