The same difference as between the NYSE and each of the Miami International Stock Exchange; NYSE Chicago, Inc.; and the Nasdaq BX, Inc. (f/k/a the Boston Stock Exchange) [1]: jack shit.
I dont think you know what you are talking about because there are differences between the exchange. For one, theyre run by different business entities, they have differences in the regulatory programs, and they also have differences in the fee schemes, e.g. how they make money on the order flow going through the exchange.
People tend to be very reductionist about finance when they really they just dont fully understand.
> dont [sic] think you know what you are talking about
As someone who has participated in the founding of a stock exchange, and who electronically traded equities and equity derivatives across every exchange in America, I really do.
> they have differences in the regulatory programs
What pertinent regulations do you think separates a BATS trade of a share of stock in a Texas corporation listed on the NYSE from an internal cross in a California bank of another Texas corporation listed on the NYSE Texas that has to do with the listing exchange?
> they also have differences in the fee schemes, e.g. how they make money on the order flow going through the exchange
This is market microstructure. Nothing in the announcement indicates a different microstructure from the other NYSEs.
Well the regulations are the same but some exchanges are SROs so they all have different regulatory/surveillance programs.
Also different exchanges list different securities.
Also I don't understand why you would think that differences in "market micro structure" equates to "jack shit" differences. Its fairly significant, especially for high volume trading.
That's another one of my favorites! Not only is it nonsense, but I've also seen it pointed out that if you translate "Los Angeles" to English, it becomes "The The Angels Angels of Anaheim"
