At a time when global exchanges are taking over the over-the-counter (OTC) securities and derivatives markets traditionally reserved for brokerage firms, industry watchers say (and not always in a good way) that, conversely, brokers are becoming increasingly similar to exchange operators – not necessarily in terms of exchange operators to the markets or instruments they trade, but in relation to their approach to licensing the market data generated from their brokerage.
Some of it isn’t a bad thing: Lots
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