This was a great read. If you haven’t already read it, Walter Mattli’s book, Darkness by Design, may be of interest to you. I worked on the book as an RA, and it also examines the benefits of centralized monopolistic exchanges (focusing on NYSE pre-algo trading). We also have a book chapter looking at patterns of change in market structure, how they fluctuate from centralization to fragmentation. But we certainly didn’t consider the possibility of one exchange engaging in armed conflict with another! https://academic.oup.com/edited-volume/35422/chapter-abstract/303179146?redirectedFrom=fulltext
This was a great read. If you haven’t already read it, Walter Mattli’s book, Darkness by Design, may be of interest to you. I worked on the book as an RA, and it also examines the benefits of centralized monopolistic exchanges (focusing on NYSE pre-algo trading). We also have a book chapter looking at patterns of change in market structure, how they fluctuate from centralization to fragmentation. But we certainly didn’t consider the possibility of one exchange engaging in armed conflict with another! https://academic.oup.com/edited-volume/35422/chapter-abstract/303179146?redirectedFrom=fulltext
Ominous title was enough to add it to my reading list. Maybe a second edition due that looks at the darker arts of digital and decentralized markets?
That’s the second half of the book!