Background - The Business of Exchanges -- A Crash Course 6/7 --- Part VI: Business Models

I meant to write a quick intro about stock exchanges to lead into a stock write-up... but it ended up turning into its own full project.
Topics covered include:

• Introduction

• What is an Exchange & Instruments

• History

• Major Players

• Exchange Options

• Business Models

• Conclusions

You can find the full breakdown on Substack here:
https://open.substack.com/pub/andreevdan/p/background-the-business-of-exchanges?r=4klyy7&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false

A full PDF is also available at the end if you prefer everything in one file.