Club rules? How German retail trading venues shut out PTFs

Murky rule books prevent non-bank market-makers from competing for Europe’s growing online customer demand

Most weekends in Berlin, dance devotees flock from near and far to Berghain – a former soviet-era heating plant that is a mecca for techno fans. But many fail to get across the threshold – thanks to its infamously harsh door policy, which club-goers suspect is really at the whim of staff.

Now, principal trading firms (PTFs) feel they are being rebuffed by similarly opaque admission criteria on Germany’s thriving retail stock trading venues. Though the venues themselves would disagree.


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