Source: 1995 data estimated on firms making markets then, data from ICI.org; 2018 data from proprietary ModernIR models.

“Market Structure” is the behavior of money behind price and volume.

Active is stock-pickers.
Passive is indexes, ETFs, quants.
Fast Trading is speculators.
Risk Mgmt is leverage.

Quelle: "Driving 21st Century IR with Market Structure Analytics" von ModernIR