So @duncan what’s the difference between CCP and ‘market makers and institutions’?
Are you saying that they are not
?
I mean someone is obviously making the market here. That is the reason for a spread. Someone must be making the market liquid here. If there are no market makers - that is fine as it is easy to see how technology can remove them from the picture. But it is hard to understand how Freetrade differentiates: it can only use the API’s that are provided by an appropriate gateway or exchange. The API’s might be such that they “take care of liquidity” because of dividing transactions up so on and so forth … but if so I’d guess that all brokerages would do that? There is no reason for any brokerage to use them unless they have to use them.