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The industry also has many intermediaries, including distributors and promoters.
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And many intermediaries have already abandoned this market, some in the face of prosecution.
"We think it makes no sense that in the real estate market there are so many intermediaries and you have to pay commission," he says.
How many firms have gone under after mistakenly doubling down in response to losses?Like many intermediaries during the financial crisis, Le Chiffre experienced a liquidity crunch once his creditors (rightly) suspected he was insolvent.
It "has been a huge success in terms of size, growth and profitability for its operators and for many intermediaries," he writes.
So keen have they been that collectively they have become important actors in the yen foreign-exchange market.Retail currency trading on margin was largely unmeasured until last year, when many intermediaries joined the Financial Futures Association of Japan (FFAJ), the industry watchdog.
How many intermediaries do we need?
Many intermediaries still extol the advantages of Swiss accounts, including Swiss political and economic stability, its European base and its high level of client service — and the fact that Switzerland has not traditionally considered tax evasion to be a crime.
They are often in the lower tiers of what are complex production chains where there are many intermediaries.
Although denaturation had long been considered an all-or-none reaction, it is now thought that many intermediary states exist between native and denatured protein.
There are also many intermediary ways that ethnic minorities communicate with other minorities.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com