In short: Named by the host as an incumbent custodian IBKR's new bank charter targets; Peterffy: "We offer everything that they offer… we do it better" — online short inventory and lending rates undercut banks (3% vs IBKR's 2%).
38:04our performance. — And the big custodians of this world, the Northern Trusts, the State Streets, the JP Morgans, what can you offer that they can't offer? What's your pitch to would-be mutual funds or ETFs? — We offer everything that they offer, and as a matter of fact we do it better, because for example our short inventory is available to see online for our customers, and they can not only see what we have but also our lending rates they can see online. So now many people
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