On exactly what front are exchanges competing? Order types? Fees? Volume? Differences in any of these are very often opaque to the customer.<p>From what I&#x27;ve seen, exchanges are basically functionally equivalent, since they provide a utility-like service. And, as Vanguard points out, more trading venues means higher market frictions and costs.<p>TBH I&#x27;m still trying to forming a strong opinion on the issue, as indicated by &quot;probably&quot; in my initial comment. And I think it&#x27;s a topic worth discussing.