He still owns 100% of Tradebot but no longer manages the firm. (He claims that Bats and Tradebot extend no preferential treatment to each other.) The acquisitions by Nasdaq erased two possible competitors, and soon after that Nasdaq eliminated the low fee structures at the ECNs that had once attracted broker-dealers.

FORBES: Magazine Article

We are now at the point where there is no excuse to extend this further.

WHITEHOUSE: White House Press Briefing: President Obama on Budget Negotiations | The White House

But there is no need to extend the provisions right across Europe's financial institutions.

ECONOMIST: Don��t bank on Brussels