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.
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.
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.
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.