Good point. They’ve gotten a seat at the table, but still only have 1-2% market share and my guess is its bc they havent gone the normal route (you guve me flow, I give you equity)
Origins of the major exchanges: ICE – banks CME – members CBOE – CBOT members Nasdaq – FINRA NYSE – stockbrokers BATS - banks/HFTs Tradeweb – banks MarketAxess – banks See a pattern?
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Are you claiming something nefarious?
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No - just highlighting an interesting dynamic. Banks are an exchange’s largest customer - in order for them to give you order flow, they want a piece of the upside (ownership). This is a key point for Tradeweb in particular as banks still own a large chunk of the stock today.
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Demutualization ETF™, coming to an exchange near you!
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