Would you bet your money against H.A.L.?
At the time that Donefer and I spoke last week, BATS was the third largest equity market in the world, behind the NYSE and NASDAQ, and it has been all-electronic since it began life in 2005. There has never been a floor that a CNBC camera crew could report from, so it’s essentially invisible to the general public. The NYSE and a few other exchanges keep hanging on to their trading floors “mainly for branding purposes,” Donefer told me.