Interesting dynamic in the professional market as the big 5 or 6 banks get so big that they must now be nearing critical mass, meaning that they don’t need to go and clear in the market as much as they had to in the past. Those now relying on the big electronic brokers to see what’s going through the market are missing out on half the story. Of course EBS has also been hit by cut-throat competition in the electronic broking market as well as some changes they made to their pricing precision.
