Fragmented Indian exchanges vs National market system in USA Given a third exchange is getting popular and picking volume, current architecture of Indian brokerage system needs to change. India : Current UIs or order system where investor need to select with which exchange , trade needs to go. This creates parallel bid offer system on same stock and even a case of arbitrage on illiquid stocks. This is operationally inefficient. USA : National Market System, rather than “one stock = one exchange.” Apple may be listed on Nasdaq, but that does not mean every apple transaction has to occur on Nasdaq. A broker receives the order and its order-routing/execution system determines where it should go. SEC explicitly says that when you submit an order, broker may direct it to the listing exchange or to another exchange or to a market maker. Rule 606 ascertains best execution and related disclosure. Europe : closer to US model than to Indian model Investment firm must have an order execution policy specifying the venues it may use and the factors it considers. Under MiFID II, firms must take sufficient steps to obtain the best possible result for clients. There is also an important European concept called a Systematic Internaliser (SI). An SI is essentially an investment firm/dealer that can execute client orders against its own inventory rather than necessarily sending the order to an exchange. Indian regulators and brokers need to start investing on necessary infrastructure to remove this Indian anomaly vs western system which is government by best price for a security.