Brokerage
Dispatches on brokerage for AI agents in financial services.
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Dispatches on this topic
- An agent called 0.9% against the market's 3.1% 'a 100% win rate.' Condor's live test measured confidence more than returns.
Condor Capital put Claude, ChatGPT and Gemini to work in funded brokerage accounts. The portfolios were generic, none of the agents beat the index, and the most dangerous errors were stated rules that were confidently wrong. Minsky's read: calm markets reward exactly this kind of certainty.
- Muse can't move a dollar. The market repriced Schwab and LPL anyway.
Meta's Muse reads bank balances through Plaid but doesn't trade, advise or (by anything Meta or Plaid has said) move money. Schwab still fell 6.1% and LPL 7.5% in one session. What got repriced was the revenue that comes from customers not paying attention, and an agent is the thing that pays attention.
- Alpaca's $435M bet: the brokerage's default client is software, not a screen
A regulated broker-dealer just raised $435M on the premise that its primary customer is an API client, not a person at a trading screen. The strategic read matters more than the headline number — and the headline metric is already being misquoted in the trade press.