Dec 6, 2021Liked by Marc Rubinstein

Thanks Marc.

Also related to the 'commoditizing the complement' strategy, is the ownership and shift of the value economics to the CCP clearing house, away from the execution layer. In derivatives markets in particular. Superior longer term economics and monopoly-like business model operations that are unlocked by owning or controlling clearing houses have been a central driver for a lot of activity inc. successful and unsuccessful M&A in the global exchange sector over the past 25 years.

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