May 9, 2018 – “There may be potential efficiencies that seem like they make sense on paper, but my concern, if I was still a trader, is the places where I would go to trade duration risk and hedge duration exposure. Banks like a bit of competition because it tends to keep fees down. Now those are going to be owned by the same company, there might be less pressure on fees,” says Josh Holden, chief information officer at OpenDoor Trading, and a former US Treasuries and derivatives trader.