In "Goodness that is a great, great software business", I present http://banclist.com , which is probably the most lucrative direct messaging platform in the world on a per user basis. (I'm exempting e.g. Bloomberg which does a lot more than DMs.)
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So is BancList a stock exchange? No. BancList doesn't do the heavy lifting or interface with broker dealers, clearing, settlement, etc. BancList is CraigsList for small bank stocks. You say "Hey I have 1,200 shares of Foo and want to sell at $7 each." The let people DM you.
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You and the person you're DMing with conclude the transaction off-platform, presumably involving lawyers, (other) banks, and the transfer agent (the party that keeps the blockchain ^H^H^H^H^H excel file which lists who owns the bank).
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And who pays for it all? The banks, on a subscription fee, because "Never have your employees burn company time to get you into a regulatory incident AND ALSO give your shareholders liquidity" is so darn useful. (SWAG guess: probably 5 to 6 figures a year, enterprise pricing.)
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There's some ancillary complexity from letting the bank approve listings/transactions and display their investor disclosures inline, but if you were to model this as "A CRUD app you could write in 2~4 weeks" I think you'd be substantially right. A beautiful, beautiful business.
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