Sublime

there are large standalone brokerage firms, including traditional firms such as Charles Schwab and online start-ups like Robinhood and Public (I am an investor in Public).

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Without ever tapping outside capital, Jane Street had gone from a few traders with a few million dollars, in 1999, to roughly two hundred traders working with several billion dollars, in 2014. One big reason was ETFs, whose global value had grown from less than $100 billion to $2.2 trillion (on its way to more than $10 trillion in 2022).