It's almost as if the constant complaining about how supposedly unfair our hyper-efficient, low-margins-for-intermediaries equity markets are diverts attention and resources from addressing the real inefficiencies and asset-owner harm being done in other, more-profitable markets.https://twitter.com/MichelleF_Davis/status/1282999219977101312 …
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I was just going to say something similar. When TABB Group came out with a $6b estimate for 2010 US equity industry market maker/HFT revenues the world freaked out. FICC intermediation revenues this quarter alone will be something like $20 to $25b in rev capture.
Providing liquidity gets pricier in a less liquid environment, is this not what these results at least in part show?
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It does and I am not saying that JPMC and GS and whoever are doing anything wrong, Its just the difference between how the different asset classes are treated.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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