“We got lucky by not being live yet, as we might have been caught up in it the same way that everyone else was,” said Mr. Giles. Mr. Giles said the situation in the market made him focus more on building a bigger balance sheet. He has already raised more capital than needed, in anticipation of U.S. regulators increasing capital requirements on firms like Embedded.

https://www.wsj.com/articles/startup-gets-backing-to-create-clearing-firm-for-equities-11618995600