its sort of a catch 22, feedback loop. the reverse of "Nobody goes there anymore. It's too crowded" - Yogi Berra. If all the trade volume on an exchange moves

its sort of a catch 22, feedback loop. the reverse of "Nobody goes there anymore. It's too crowded" - Yogi Berra. If all the trade volume on an exchange moves to a private room, because the private room is cheaper, because its cheaper cuz of the volume, and it has the volume cuz everyone moved there, because its cheaper ... Sure, they invested a lot of money to make technology that can beat the exchanges. But part of the reason they beat the exchanges is because they took all the trades and can match better not because of their tech but because of all the liquidity.