SEC'S Paredes: Fragmentation – Or Choice?

WASHINGTON, D.C. — A dozen national exchanges. More than 40 dark pools and alternative venues. A couple hundred internal broker order-matching systems.
That, compared to a quarter century ago, when three national exchanges handled almost all order flow, is now often called ‘’fragmentation’’ by trading firms.
But should it?
Not necessarily, Securities and Exchange Commission member Troy Paredes said Friday morning at the Security Traders Association conference here.
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