what is the brokerage business future?
If you mean brokerage for stocks and bonds (as opposed to real estate or something else), I’d expect continued consolidation: the retail side of the business has already been commoditized by the likes of e*trade and TD Ameritrade; the same dynamic will creep into the institutional part of the industry as well, particularly now that soft dollars are seemingly out of favor. Ultimately, the model might go all the way to free trades, where companies make their money off of holding your assets.
