review of insightful book “Darkness by design”. “markets are political institutions governed by power relations” capital markets do not escape that rule & are indeed political utilities even. with manipulation and law breaking rampant, the “no transaction fees” of the Robinhood’s & the Schwab’s of the world are jocular gimmicks. financial technology makes things “efficient”, but politics & governance are the only things that can keep markets fair. ‪further, it is quite a provocative thought: in certain instances, a monopoly market that is well self-regulated & well supervised produces fairer outcomes than a balkanized market with little self-regulation or supervision. see the NYSE example.‬ #capitalmarkets #banking #governance #innovation #fintech …see more