Harris, who trades for himself and has had stints as a fund manager and as a board member of the Chicago Mercantile Exchange, was part of the group that pushed the Merc to relinquish its mutual structure and become the first exchange to go public, in December 2002.
The cause of this resistance is the structure of the exchange.
With the advent of exchange-traded funds, the structure for pooled accounts changed.
In exchange, LTSE companies would be allowed to structure their corporate governance to facilitate greater freedom for management to pursue long-term investments.
Gloor says the rigid structure of many big corporations makes this free exchange of ideas difficult to achieve.
Health insurance in Massachusetts, for example, uses a similar structure as the Affordable Care Act, with an exchange, a personal responsibility requirement, and an employer responsibility requirement.
It has the benefit of pulling profile data, but more impressive is its structure: by default, the emails in an exchange are collapsed, and you can click on a single message to reveal just the text sent in that email.
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The first is a bulk removal, ion exchange process in which sodium is swapped for cesium or strontium within an inorganic, crystalline structure.
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Matthew Lavicka, a managing director on Goldman's equities-trading desk and chairman of Sifma's trading and market structure committee, told the exchanges that he felt there was agreement among the majority of exchange customers: They couldn't safely be prepared for the NYSE contingency plan that involved routing orders away from the trading floor and to NYSE Arca in time for Monday morning.
This has created companies with the motive to expand, a clear-enough governance structure to allow for a strategy of expansion, and the currency with which to buy another exchange.
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