Remember playing the game of Telephone when you were a kid. One person starts with a word or a phrase and whispers it in the ear of the person next to them. The next person does the same thing and this continues around the circle until finally the last person shouts out loud what the phrase is. Usually, the phrase has changed into something not even close to the original phrase. In an effort to keep market share and appease their largest clients, exchanges have been playing their own game of Telephone lately.
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