Just saw that Menai Financial Group is shutting down its market-making operations in London and Tokyo. Kind of interesting timing given how volatile things have been. Market-making desks have been under pressure for a while now, but seeing a crypto-focused firm like Menai actually pull back from major hubs is a bit telling.

I think what's happening is the spreads just aren't there anymore for some of these shops. Menai was doing solid work in those markets, but when you've got algorithmic traders and massive institutional flow, the old playbook doesn't work as well. Plus regulatory scrutiny keeps getting tighter in both cities.

Wonder if this is a one-off or if we'll see more consolidation in the market-making space. Menai's move makes you think about how the whole infrastructure layer is evolving. Not everyone's cut out for this environment anymore.