Why is there a DOW and Nasdaq for example, couldn’t they all be consolidated into one?
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At least some of them are run by companies (including NASDAQ and NYSE), so this is a bit akin to asking why there are different grocery store chains. Nobody wants to close up shop while they’re making money, and neither are they able to force their competitors to close up shop. (They probably wouldn’t want to even if they could, since then governments would keep an even more watchful eye on them, to make sure they don’t engage in anticompetitive behavior.)
Some of them are run or semi-run by countries, but a similar principal applies: no country wants to be the one to give up their exchange.
So a simple answer may be in the form of a question: what would be in it for them to consolidate?
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