>>Banks build platforms to trade w/each other >>Platforms prove wildly successful >>Banks sell platforms for tons of $ >>Platforms become too powerful >>Banks create new platforms to defend against old platformshttps://www.risk.net/derivatives/7820046/citi-led-consortium-plans-multibank-clo-trading-platform …
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Got my tentacles in all kinds of pies.
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They always claim it’s for lower trading fees, but in reality it is to defend their market share. The entry / membership criteria will typically be so strict that only a select group of banks can participate.
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