> From the article, it looks like they make a lot from market making in ETFs and similar. Thats an extremely competitive market that is necessarily a race to th

> From the article, it looks like they make a lot from market making in ETFs and similar. Thats an extremely competitive market that is necessarily a race to the bottom in terms of pricing They are not making their money market making equity etfs afaik, mostly bonds. A slightly different game with a much higher barrier to entry etc