Are Stock Exchanges fungible?
Reading today's news headlines, you might think that the markets had exploded or imploded, dependent upon where you sit. Apparently, hundreds of new exchanges and multilateral trading facilities have started up and are winning business away from traditional exchanges.
But the question top of my own mind is whether stock exchanges are really fungible?
According to my banking dictionary*, fungible is any "financial instrument equivalent in value to another, and easily exchanged or substituted."
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