When you run a business at this level of scale as a brokerage firm, you have to clear and settle every trade yourself.

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That is partly a question of scale: one lucky break by a smaller firm could double its reserves, but barely register at one of the majors.

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As an owner of a small regional brokerage firm I can report from the front lines that a primary driver of the demise of the local brokerage firm is a lack of economies of scale to remain competitive.

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But there are not many examples of a firm of any scale surviving for long by selling truly independent research.

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In an industry in which economies of scale have been a big factor, size should give the bigger firm an advantage.

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But in a letter to domestic electrical good retailers the Commission has said it was unlikely to find that the Dixons Group was operating a 'scale' monopoly in the sale of warranties as the firm had slightly less than 25% market share.

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One potential bidder said that lack of synergy and scale would be difficult to overcome for a private equity investor like his firm.

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