In the US – and soon in other jurisdictions – stricter capital requirements have resulted in a number of retail players shutting up shop. And consolidation is also occurring in the higher echelons. According to the NY FX Committee, this resulted in around 20% of the banks in its sample size accounting for 79.3% of the market share in October 2008 versus 64.7% a year earlier.
And yet despite this evident consolidation, it seems that barely a week goes by without the emergence of a fresh platform.
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