The document discusses plans for an open source stock exchange called ErlExchange that aims to implement the NASDAQ OMX Market Model in phases, starting with intraday LIMIT and MARKET orders and expanding to include additional order types, market data services, and auction markets. It has so far implemented LIMIT orders, the ITCH market data format, and achieved reasonable throughput, but is still undergoing benchmarking. The exchange will fully support the FIX protocol and have its own interface, with a focus on distributability and fault tolerance due to being built in Erlang.