Oh I think I understand. You're noting a stock exchange is like a liquidity pool and have pretty big network effects. I guess Blackrock is uniquely positioned to make another exchange then - they can singlehandedly provide enough liquidity.

k00b

> Presumably you can't create one willy nilly because there are so few.

I may have misunderstood. There can't be too many stock exchanges so as not to spread liquidity around.