Is the primary role of an exchange today to raise money and focus on business development or is it to provide a utilty-like venue for trading? In today's for-profit exchange, I would argue it is the former. In this context, the exchange likely is deciding whether it should be providing dividend returns to shareholders or focusing on growing its business for the long-term returns. To fund either of these objectives, exchanges must decide whether to compete or to acquire. This decision is further complicated by the notion that exchange share values may be overpriced, dictating choosing one aggressive business strategy over another. Where then does regulation fit into this exchange model?