Since the election, stock prices have risen sharply on hopes that a wave of pro-growth policies under Donald J. Trump will drive up equity prices even further.
But Mr. Trump’s administration will soon face a trend that threatens to move the long-term benefits found in stock markets away from investors and toward exchanges.
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Holly A. Bell is an associate professor at the University of Alaska in Anchorage and a consulting scholar on financial market structure and regulation. She is also the author of the thriller “Trading Salvos.”