It doesn't matter if it's opaque to the customer or if every exchange is selling an identical product; there's reason for multiple exchanges to exist to avoid m

It doesn't matter if it's opaque to the customer or if every exchange is selling an identical product; there's reason for multiple exchanges to exist to avoid monopoly. Multiple players want to play in the market, that means multiple exchanges. Saying there should only be one exchange is picking a winner and giving them the entire market.