How do the brokerages hide the trades? Is not the reporting of trades the same as the TSX? I am asking because I do not have the answer. I listened to that discussion but I am not much wiser for it. I did learn from it that the " best price " concern was solved when they said the orders go to a central place before going to either of these two exchanges.

Shortly after this discussion, I was listening to CNBC and they were interviewing two people about the results of the " flash crash ". One trader made a good argument that liquidity is a big problem and he related his story about trying to get a fill well below the ask. The problem down there has to do with about 16 different exchanges. But then he claimed that each does not know what the other is settling trades at. I took from that there is no central place for orders to go through, so trades could be many cents apart. The trader claimed that fewer exchanges would have helped avoid this " flash crash ".

Now don't you feel a bit lucky we have just two? It sounded like there might be more people wanting to form another exchange. All in the name of competition and making money. Stay tuned!!