Credit (good or bad) goes to my wife for this idea.
She asked if there were any brokers that operate like a co-op or a credit union. The basic idea is each member (trader) buys a share of the company, and the oversight, and management is handled by shareholders. A co-op broker would be guaranteed not to pull dirty tricks like taking the other side of trades, or widening spreads unnecessarily.
"Trader owned and operated!"
Profits, (or losses) would be distributed quarterly/annually. Liquidity would either be provided by a third-party or from membership fees.
I'm sure such a thing doesn't exist but, why not? What are the (probably many) barriers?
She asked if there were any brokers that operate like a co-op or a credit union. The basic idea is each member (trader) buys a share of the company, and the oversight, and management is handled by shareholders. A co-op broker would be guaranteed not to pull dirty tricks like taking the other side of trades, or widening spreads unnecessarily.
"Trader owned and operated!"
Profits, (or losses) would be distributed quarterly/annually. Liquidity would either be provided by a third-party or from membership fees.
I'm sure such a thing doesn't exist but, why not? What are the (probably many) barriers?