RE:how-short-sellers-beat-the-system - Recommended readingThe smaller exchanges and what the article calls a "lack of transparency" is a significant drawback for retail investors. I have often put in an order and seen it filled or substantially filled and not show up in previous trades for 15 or 20 minutes. I have also held back on an order because the volume doesn't appear to be there on the TSX - but it is there, it doesn't show because it's posted on one of the smaller exchanges.