We’re aiming to have balance revenue not tied to one stream. Part of that we want to align our business incentives to the best interest of our customers, instead of having the incentive to push everyone into one type of product where we make money but would not be suitable to all customers.
That said, we anticipate that our top revenue stream in the future will come from monthly subscriptions for accounts other than the Basic starter account.
On HL and other stockbrokers talking about their ‘price improvement service’ and ‘market maker network’, it’s all a bunch of marketing spin. Almost every retail stockbroker in the UK connects to the same network of LSE retail market makers (aka RSPs) and so do we.
When we roll out our new core brokerage platform we’ll expand the venues we connect to beyond the traditional LSE network to include pan-European exchanges like Cboe and other liquidity providers. That should benefit our customers in the form of more venues to find the best execution for their orders.
On LSE exchange fees, that is only applicable for orders executed on the LSE order book. Trades placed through the RSP network are not subject to exchange fees.