A lot less than their used to be. The margins have been driven out of that business. Like most industries that’s led to consolidation.

I’d guess Citadel/Virtuu/Jump capture the vast majority of that business.

Also Jane Street and Sasquehanna in the EFT space. Both of those firms are making great money nowadays.

Yeah the more I think about it there probably are lots of market makers still because of market specialization. But it’s not like before when a single person could be a market maker or even later when small prop shops could do it.

Anywhere I could read about the historical context/progression you reference?

Wolverine is in there somewhere as well

Typo corrections: ETF and Susquehanna.

You can get a rough idea by looking at the number of firms in these links. Overtime, it has consolidated.

https://www.canarywharfian.co.uk/threads/list-of-proprietary...

Then also the associate firms on this list:

http://fia.org/members