Yesterday Levine posited that less fragmentation of exchanges makes more economic sense:<p><a href="http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2016-02-24&#x2F;oil-loans-and-cohen-cubs" rel="nofollow">http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2016-02-24&#x2F;oil-loans-a...</a><p>I found it odd given what we saw in the US exchanges was the opposite of that before fragmentation, but the argument is that the network effects of large exchanges reduces the overall costs.