[minimax]

Do you think there are monopolies in electronic market making? I think there are tons of firms out there trying to be good at it in different asset classes, and a few that are really good at it in lots of asset classes. I'm not sure it looks like "a few natural monopolies."

[kasey_junk]

I don't know if we are there yet, but it certainly seems to be trending towards consolidation. I don't have any data to back that up, just my impression from around town.

Of course that could have been due to macro trends around volatility that have reversed recently as well, I suppose.