Another quarter, another set of record results for exchanges. Quite frankly it’s no wonder brokers are keen to see competition.
The correlation between trading volumes and exchanges’ earnings is clear. Average daily volume at the London Stock Exchange rises by 58% and its profit before exceptionals rises by 55%; the number of transactions on Deutsche Börse’s Xetra platform rises by 49% and its ebitda rises by 47%. For exchanges, more trading means more money.
Yet the same is pretty much true for investment banks’ execution businesses.
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