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iShares U.S. Broker-Dealers & Securities Exchanges
It wasn't long ago that I remember securities and derivatives exchanges being exclusive quasi-monopolies, where you either needed to own a seat (which could cost over $3.5 million in 2005), or you needed to pay a toll to a broker that owned a seat if you wanted to participate in financial markets. In the first decade of this century, many of the world's exchanges went public, and so it became possible to own a piece of the Nasdaq market as easily as you could trade any of the stocks traded on Nasdaq.