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1、6TheArmsMerchantsInthe2005movieLordofWar,NicholasCageplaystheroleofYuriOrlov,aruthlessinternationalarmsdealerwhosellssophisti-catedweaponstodictatorsandtyrantsallovertheworld.Heistheunseenmiddlemanresponsibleforarminganysidethatwillpay.Theweaponskillmany,butbecauseheneverpull
2、sthetrigger,he’snotthebadguy.TheWallStreetYuriOrlovsarethestockexchanges.Theyprovideandsellsophisticatedtoolstothosewillingtopay,toolsthatprovidetremendousadvantagesovereverybodyelse.Inthemovie,Orlovsays,“Thefirstandmostimportantruleofgun-runningisnevergetshotwithyourownmerch
3、andise.”Andthat’sexactlywhattheexchangesdo.Theyprovidetheweaponsbutnevergetcaughtinthecrossfire.Overthepastdecade,thestockexchangebusinesshasundergonearadicaltransformation.Whatwasonceanonprofit,quasi-utility,member-ownedduopolyhasturnedintoafor-profit,fragmented,andextremely
4、competitivebusinesswith13exchangesandmorethan40darkpools,whichenabletraderstobuyandselllargeordersofstock,knownasblocks,awayfromthe“lit”orpubliclyquotedmarkets.Tocreateadditionalarbitrageopportunitiesandsellmoredataproducts,exchangesalsohavecreatedsub-exchanges,resultingineve
5、nmorefragmentation.Whatwasonceapeople-dominatedbusiness,wherereputationswereoftenaself-policingmechanism,isnowafullyauto-mated,anonymous,facelessbusiness.Normally,ifabusinessmodelopeneditselftocompetition,thiswouldbeviewedasagoodthing.Itwouldenablefreemarketsto9798BrokenMarke
6、tswork.However,thestockexchangebusinesshasmoreresponsibilitiesthanprofit.Ithastohelpfacilitatecapitalformationforcompaniesandtoprotectindividualinvestors.Unfortunately,thenewfor-profitlandscapehascausedtheexchangestoforegotheseresponsibilitiesinordertofocusonthebottomline.Tom
7、akemattersworse,twoofexchanges,NYSEandNASDAQ,arepubliclytradedcompaniesthatmustanswertoshareholders—investorprotectionbedamned.Mostbusinessesfollowthe80/20rule,inwhich80%oftheirbusi-nesscomesfrom20%oftheircustomers.Thisratioisfardifferentintheexchangebusiness,inwhichnearlythr
8、ee-quartersofthevolumecomesfromjust2%oftheclients.1Thisdistortionist
