What is the business model for broking. How do they earn in it
You can choose to either become a floor member of the stock exchange or sign an institution brokerage account with another brokerage firm that is a floor member. A stock exchange usually has limited number of seats, so new brokerage firms interested in becoming floor members will have to wait until there is a vacant seat for sale, or lease a seat from a current floor member.
Some other brokerage firms that do not plan to become floor members of the stock exchange may choose to conduct their brokerage business through another brokerage firm.