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Hey Lord,

Thanks for the comment. I reiterated that it was not an apples-to-apples comparison for stock exchanges...but let's be honest. NYSE and Nasdaq are far and away the leaders.

Aboslutely agree on sending the orders off before someone else does. I mention that in the "pitfalls" section.

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It wasn't meant to be a damning criticism.

Here is a chart of exchange volumes. It's far from a two-horse race. There are structural reasons why there will be business for more than just a couple of exchanges, and it's closely linked to arbitrage players actually.

https://www.sec.gov/marketstructure/datavis/ma_exchange_trad...

Arbitrary relies on better execution than your competitors. It isn't simply a pitfall or side issue. You really need a way to estimate slippage to make this information realistic.

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