Don’t disagree there, though this has been status quo for nearly two decades now.

By that measure regional exchanges were their own beasts for a long time. The environment has definitely streamlined a ton since RegNMS was implemented and the exchanges consolidated a bit.

Even the technology stacks the current markets run are basically identical within three families of design (even the upstart markets, and even those that are not directly licensing technology from ICE, Nasdaq, or Cboe). Differentiation just doesn’t pay like it used to.