You do not understand what an exchange is. You have made up a mental model that is not even close to reality and are now arguing against that. Please do a little research before having an opinion.
What you are describing is actually a great deal like how many exchanges work. Open outcry pits or whatever are not the prevailing model. There is NO room with screaming people for NASDAQ.
The pricing data is delayed because it is free. You can buy realtime pricing data. It's hard to support a large infrastructure for free, of course, and you are making money on it.
Big traders, especially block traders, execute at least partially off-exchange anyway.
"All the statistics" are not necessarily stored or generated by the exchange. Other companies do this (Reuters, etc.) We had to calculate "all the statistics" ourselves when we did automated trading systems.
I'm not sure how APIs magically make all fees and costs "go away" in some magical fashion.
What you are describing is actually a great deal like how many exchanges work. Open outcry pits or whatever are not the prevailing model. There is NO room with screaming people for NASDAQ.
The pricing data is delayed because it is free. You can buy realtime pricing data. It's hard to support a large infrastructure for free, of course, and you are making money on it.
Big traders, especially block traders, execute at least partially off-exchange anyway.
"All the statistics" are not necessarily stored or generated by the exchange. Other companies do this (Reuters, etc.) We had to calculate "all the statistics" ourselves when we did automated trading systems.
I'm not sure how APIs magically make all fees and costs "go away" in some magical fashion.