Very interesting newsletter (as always)! I was wondering - do you also look st the rivalry/relationship between banks and exchanges? It’s something my coauthor @LorenzoGenito and I want to explore in more detail. Would be interesting to hear your views on this issue 
This week's issue of Front Month is live - I take a look at a few of the classic exchange rivalries and the stories that define them:https://frontmonth.substack.com/p/celebrating-rivalry-week-on-wall …
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Absolutely - there is certainly a lot of depth to the bank/exchange relationship worth digging into. Banks are arguably an exchange's biggest customer, and are behind many of their formations in the first place. Examples: MEMX Tradeweb MarketAxess ICE BrokerTec BATS Etc...
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This is a good read
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Thanks for giving it a read!
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