Publicly Owned Stock Exchanges: An Unexpected Consequence -- A User Backlash

A consequence of stock exchanges "going public," that is, changing from member owned organizations to organizations owned by public stockholders, is that the exchanges must now maximize shareholder wealth.  This means that the exchanges should charge users, traders, what the market will bear.  Users, especially the large institutional traders, have awoken to the fact that exchanges that are monopolies may charge monopolisitic prices, all to the benefit of shareholders and to the detriment of customers (traders).  Article  Traders are now, for the first time, seriously worried about the competitive position of the historically powerful exchanges, and may do something about it.  This may lead to a serious attempt to curtain the historic monopolies of the traditional exchanges.  Several big users of the NYSE have, for example, bought shares in the Philadelphia Stock Exchange, a currently insignificant rival, to prepare to grow the Philly exchange if necessary to compete with the NYSE.  Ahh....the worm turns.