Trading the Trading Posts

Twenty years ago, the idea of publicly traded stock and commodities exchanges would have struck most investors as extremely peculiar. It might have seemed almost “meta” because exchanges were places where buyers and sellers convened to make markets. The notion of the markets themselves becoming tradeable took a certain leap of imagination. In spite of … Continued

Changes at Exchanges

Like many industries, financial exchanges have consolidated in the past few decades. The world-famous New York Stock Exchange is now owned by the Intercontinental Exchange (ICE). The Nasdaq (NDAQ) acquired both the Boston and Philadelphia stock exchanges. The CME Group (CME) absorbed the New York Mercantile Exchange and later merged with the Chicago Board of … Continued