@dlauer They are pretty aggressive on the investigations and simple to search up some of the big names. Always on ongoing.
OPR isn't worth all the fuss - most competent brokers don't allow exchange routing as the SIP is just too slow to be making decisions on.
@ltabb@JoeSaluzzi Agree. But outliers have always been there.
Byproduct will likely be improved opportunities for latency arb across ventures to keep prices in check.
A Bloomberg Terminal costs $24,000 a year. Someone just recreated one using Perplexity Computer for $200 a month.
Bloomberg's moat was never the data, that's increasingly commoditized. It was the interface: thousands of keyboard shortcuts, proprietary screens, and muscle memory that finance professionals spent years learning. The switching cost wasn't price, it was retraining.
AI agents collapse that moat. If Computer can replicate the interface and pull equivalent data from public sources, the only remaining lock-in is the chat network and real-time feeds. One is a social product. The other is a licensing negotiation.
Bloomberg did $12.6 billion in revenue last year selling terminals. The first credible open-source alternative just got built in an afternoon.
@chuk_xyz Excellent.
An area still not addressed in the discussion is why we have an intermediary market. As with most things in securities it’s all due to bad actors over time. The intermediaries are intended to protect from fraud and scale oversight. What happens without them?
@carlosdomingo Great to see this being explained clearly. While not popular for many seeking to create bearer assets with securities, this is the reality.
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