The exchanges operate for the benefit of the listed companies. NASDAQ and NYSE can compete on features and trading rules. Leaving aside the problem of company officers trying to screw the stockholders (I'm not a fan of stock classes that give different voting rights), companies will list wherever the rules give the highest value to their current shareholders. And the highest value to the shareholders is provided by the market with the parasitic HFTs.

I don't understand. I though Mark Cuban was a fairly sophisticated investor, but he seems to be marveling that Australia taxes short term capital as ordinary income and LTCG at a lower rate, which is of course exactly what the US does.