None of the exchanges have the required talent. Ahem, based on what evidence exactly did you reach that conclusion ? TBH, from all the exchanges/brokers I've

None of the exchanges have the required talent. Ahem, based on what evidence exactly did you reach that conclusion ? TBH, from all the exchanges/brokers I've seen and dealt with in the past, there are a few that are pretty solid - Deutsche Borse is one of them. There's EuroMTS as well. Essentially, most exchanges that deal with many market makers have got an extremely challenging technical problem to solve - scaling and latency. One that most investment banks can't even begin to solve. I'm not saying there aren't any good talent in banks - there are plenty. I'm just saying that there's some really smart, talented people in exchanges.