Writer’s choice

Please answer the following questions: Since the early–1990s, organized stock exchanges in many leading jurisdictions have undergone profound changes, including those relating to control, ownership, self–listing, their commercial and operational goals, regulatory obligations, rule–setting, and in mutual domestic and cross–border competition. Critically assess how these developments have affected exchange users, and consider whether these exchanges now serve the interests of their managers or owners to the detriment of others, or of general economic welfare. To what extent do you consider that the speed of these changes has led to conflicts of applicable law or in corporate governance; to the differential treatment of users; and to irregularities in applicable financial regulation? Your answer need not be confined to any single jurisdiction or system of law, but you must only consider those examples where legacy exchanges have undergone significant commercial, organizational, constitutional and regulatory changes in recent years.

This is an open-ended question but please focus on:
the premise of the question is that organized exchanges have undergone certain reforms and changes in use, and the question to consider is thus how or whether the law has kept up with those changes, or is now in need of either substantive or practical adjustment. Please focus on identifying legal anomalies arising from exchange reforms or changes in their use, and what may be wrong, missing or misaligned, not on finding a solution.