In every multi-bagger story, a moat is an essential aspect of the thesis. What's the moat of this business exactly? The introducer model does not feel like one to me.
If the introducer model is so good and scalable, why would other maybe even larger FX players in the space not be able to replicate the same model? I could imagine a race to the bottom in terms of compensation for introducers.
Anyways elaboration around this topic would be very helpful.
Thanks for the write-up 👍🏻. I have looked at FX providers in the past and, like Cornerstone FS, there isn't a USP one can lay one's finger on. I used to supervise an FX business and they are volume businesses. I'm intrigued by the introduction network approach, is that scalable do you think?
In every multi-bagger story, a moat is an essential aspect of the thesis. What's the moat of this business exactly? The introducer model does not feel like one to me.
If the introducer model is so good and scalable, why would other maybe even larger FX players in the space not be able to replicate the same model? I could imagine a race to the bottom in terms of compensation for introducers.
Anyways elaboration around this topic would be very helpful.
Nice write-up, thanks. How similar to Argentex are they?
Great job 👍
But What about the risks?
Thanks for the write-up 👍🏻. I have looked at FX providers in the past and, like Cornerstone FS, there isn't a USP one can lay one's finger on. I used to supervise an FX business and they are volume businesses. I'm intrigued by the introduction network approach, is that scalable do you think?
I'm probably being really dumb. But is there not a compliance and regulatory cost increase in the move from white label to direct?