Bare in mind that the system used to be centralized and, as mentioned in the article, was much costlier [0]. The fragmentation has downsides and no one likes redundancies, but it is a direct response to the older, less competitive system. The fact that a decentralized system is better is exhibited in the lower price and the participation in the smaller exchanges.<p>[0] <a href="http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2014-03-31&#x2F;michael-lewis-doesn-t-like-high-frequency-traders" rel="nofollow">http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2014-03-31&#x2F;michael-lew...</a>