Darwinex announces that he becomes a broker-dealer, not a reaction!
At the risk of surprising you, it does not bother me.
The pure agency model was a guarantee that Darwinex was not our counterpart. A guarantee that Darwinex's interest was not to make traders lose.
But as Darwinex's model is to offer attractive Darwins, and since Darwinex has an excellent reputation, abandoning the pure agency model does not worry me.
On the contrary, this leaves the field free for technical optimization to further improve performance during replication.
The B-Book is not intrinsically a bad thing, if Darwinex uses it for its customers, it can even become a significant advantage.
On the other hand, it seems to me that to obtain a broker-dealer's license, one must have more capital than to just be pure agency?