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
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