Shit, MIAX is just the old BATS/Cboe technology with some local flair. There are multiple derivatives of the old Island/INET tech stack, mainly in ATSs, but the iteration Nasdaq is operating on only diverges where extreme message volume factors in.
No one is silly enough to want the abomination of design that is Pillar, but the point still stands that technical differentiation isn’t really important in the way it was 15-20yr ago.
No one is silly enough to want the abomination of design that is Pillar, but the point still stands that technical differentiation isn’t really important in the way it was 15-20yr ago.