The important decisions that will determine the future of financial markets during the next decade will help solve two market problems. First, bringing greater efficiency to the government-created market oligopoly of publicly held exchanges that serve the entire market. Second, updating the retrograde derivatives markets. However, any significant progress in improving the efficiency of financial markets will come from markets outside the SEC's National Market System (NMS) goat rodeo.
The distinction between the two kinds of ETFs trading generic instruments, stock index ETFs, on one hand; and financial futures, on the other, is a historical