Competitive industry cannot be highly profitable and mostly concentrated with 1.5 players and not have any new entrants in a very long time. Barriers to entry are much higher than even on exchange trading in US equities (which is much less concentrated and did have new entrants)
Why is the industry so concentrated in your opinion? Assume you’re talking about wholesaling
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Regulations and winner takes all essentially. Several areas where there’s only 4-5 MM’s not just PFOF. Ex: Flex/Options only big players are Jane street, Wolverine, old mission, SIG. Convertibles same thing diff MMs
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Economies of scale and barriers to entry are too large
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