When Matthew Andresen used to work at Citadel Investment Group, there were 150 brokers on the list of firms that would get checks for executing its trades. Then, the list shrank to 50, then to 20, then a dozen.

Used to be as well that every broker had its own wholesaler, for execution services. Now, two wholesalers do almost 75 percent of all retail executions, Andresen said at TradeTech 2012 Wednesday, in a keynote presentation. He is now co-chief executive of Headlands Technologies, a global quantitative proprietary trading firm headquartered in San Francisco and Chicago.

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