Author Bio
Began my career as a trader for NYC hedge fund Elliott Management. Worked for Bear, Stearns in London as a trader, then became an analyst at several hedge funds. Currently CFO for a mortgage bank. Also author a daily blog on real estate called The Daily Tearsheet www.thedailytearsheet.com
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The exchanges have a great business model. They are financial companies that take limited credit risk, while their data is in demand from investors and the media. Finally, they have limited barriers to entry. Creating a competitor to the New York Stock Exchange is difficult, to say the least.