For the last 20 years, developments in baseball have directly impacted the secondary ticket market, and the New York Yankees and Los Angeles Angels have been forerunners of important trends, the latest of which is the use of branded ticket exchanges. Both teams have moved the model forward by placing their brand, and its attendant credibility, in front of the secondary market. The exchanges appear to be off to a solid start, as last season the average number of per-game listings for Yankees tickets on StubHub fell 40 percent, from 7,000 to 3,000 across the entire Yankees Stadium seating chart. Fans who used the Yankee Ticket Exchange paid less in fees and they bought tickets from season ticket holders who were looking to unload games they could not use and recoup some of their investment. Branded exchanges are primarily designed to give buyers and sellers the most secure and trustworthy way to exchange tickets, rather than to make money. The exchanges not only generate incremental opportunities for revenue, but they also could help discourage speculative selling. For example, by restricting the time frame in which people can forward tickets to two days before the game, the Yankees and Angels are making it more difficult for brokers to sell tickets they do not own.