Commissions from institutional trades have fallen 25% in the past three years, while trading in equities has never been more complex. This is the product of a much-touted technological arms race among the larger players, many of which have invested heavily in trading infrastructure. The end result is that medium-sized and smaller players are simply being priced out of the market. “For too long the whole street has tried to be all things to all people,” says Andrew Morgan, co-head of equity trading EMEA at Deutsche Bank.
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