The market is pricing Lang & Schwarz as if its story ended with Trade Republic. We disagree. The payment for order flow (PFOF) ban and Trade Republic's abrupt change in order routing and trading technology have reset earnings, but not the franchise. What remains is a profitable retail-market making platform with proprietary technology, substantial capital and a highly attractive Structured Products business. The focus should now shift from the earnings lost to the quality and growth potential that remain.
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