What is the role of exchanges? At one time, many likely would agree that exchanges were akin to a utility for garnering liquidity and enabling trading of securities. With the growth of trading, the increasing number of issuers seeking capital by listing in the marketplace, and the development of new products, the concept of "exchange as utility" waned. There was money to be had in that thar business! The amount of money was proportionate to the amount of order flow. Order flow tied into customer confidence, depth of liquidity, and the types of services offered. Arguably, modest regulatory modifications and reliance on the original self-regulation model fostered what may have been perceived as government-sponsored, exchange-monopolies.