Key Insights
The global e-brokerage market is experiencing robust growth, driven by increasing digitalization, the rise of mobile trading platforms, and a growing preference for online investment services among both retail and institutional investors. The market's Compound Annual Growth Rate (CAGR) exceeding 6.50% from 2019 to 2024 indicates a significant upward trajectory. This growth is fueled by several key factors: the accessibility and convenience of online trading, the lower commission fees compared to traditional brokerage firms, and the availability of sophisticated trading tools and educational resources directly accessible to users. The expanding millennial and Gen Z investor populations, increasingly comfortable with digital financial services, further bolster market expansion. Technological advancements, including AI-powered trading tools and algorithmic trading platforms, are enhancing efficiency and profitability for both brokers and investors, contributing to the overall market growth. However, market volatility, regulatory changes, and the ongoing threat of cybersecurity risks present challenges to sustained growth. Competition among established players like Interactive Brokers, Charles Schwab, Fidelity Investments, and newer entrants is fierce, demanding constant innovation and adaptation.
The segment analysis (though not explicitly provided) likely reveals substantial growth in mobile trading platforms and specific investment products like ETFs and options. Geographical distribution likely shows stronger growth in regions with high internet penetration and a burgeoning middle class. North America and Europe are presently dominant regions, but Asia-Pacific holds significant future potential due to its rapidly expanding online investment base. While the exact market size for 2025 isn't specified, estimating the 2025 market value, based on a reasonable assumption of a 2024 market size of $X billion (adjust X based on your best estimate of available data) and the provided CAGR, yields a projected value for 2025 that reflects the sustained expansion. Looking ahead to 2033, continued growth under the projected CAGR leads to a significantly larger market size. The key to continued success for e-brokerage firms will lie in adapting to changing investor demographics, enhancing technological capabilities, and navigating the evolving regulatory landscape.

E-Brokerages Market Report: 2019-2033 Forecast
This comprehensive report provides an in-depth analysis of the global E-Brokerages Market, offering valuable insights for industry professionals, investors, and strategists. Covering the period 2019-2033, with a focus on the estimated year 2025, this report unveils market dynamics, competitive landscapes, and future growth potential. The report analyzes key players such as Interactive Brokers, Charles Schwab, Fidelity Investments, TD Ameritrade, E-Trade, TastyWorks, eToro, X-Trade Brokers, IC Markets, Eoption, and First Prudential Markets (list not exhaustive). It also explores market segmentation and regional variations, providing actionable intelligence for informed decision-making.
E-Brokerages Market Market Structure & Innovation Trends
This section analyzes the market structure, highlighting market concentration, key innovation drivers, and regulatory landscapes influencing the E-brokerage sector. We examine the impact of mergers and acquisitions (M&A) activities, assessing deal values and their effect on market share. End-user demographics and the presence of product substitutes are also considered. The analysis covers the historical period (2019-2024), the base year (2025), and the forecast period (2025-2033).
- Market Concentration: Analysis of market share held by top players, including Interactive Brokers, Charles Schwab, and Fidelity Investments. (Specific market share percentages will be detailed in the full report).
- Innovation Drivers: Examination of factors driving innovation, such as advancements in trading technology, increasing demand for mobile trading platforms, and regulatory changes.
- Regulatory Frameworks: Assessment of the impact of regulations on market dynamics, including those related to data privacy, security, and anti-money laundering.
- Product Substitutes: Evaluation of alternative investment platforms and their competitive impact on the e-brokerage market.
- End-User Demographics: Analysis of the changing demographics of e-brokerage users, including age, income level, and investment experience.
- M&A Activities: Review of significant mergers and acquisitions, including deal values and their impact on market consolidation. (e.g., eToro's acquisition of Gatsby for USD 50 Million). The full report will include a detailed list and analysis of M&A activities.

E-Brokerages Market Market Dynamics & Trends
This section delves into the market's growth drivers, technological disruptions, evolving consumer preferences, and competitive dynamics. We analyze the Compound Annual Growth Rate (CAGR) and market penetration rates to project future market size and growth trajectory.
(This section will include a detailed 600-word analysis of market growth drivers, technological disruptions, consumer preferences, and competitive dynamics, incorporating specific metrics like CAGR and market penetration. Examples include the impact of mobile trading apps, the increasing popularity of robo-advisors, and the rise of fractional share trading. The impact of macroeconomic factors on investment behavior will also be discussed.)

Dominant Regions & Segments in E-Brokerages Market
This section identifies the leading regions and segments within the e-brokerage market. We analyze the key factors driving their dominance, such as economic policies, technological infrastructure, and regulatory environments.
(This section will contain a 600-word analysis focusing on the dominant region(s) and segment(s). It will use bullet points to highlight key drivers and paragraphs for detailed dominance analysis. For example, the high adoption rate of online trading in North America will be discussed. The full report will include a detailed regional breakdown and segment analysis.)
E-Brokerages Market Product Innovations
This section summarizes recent product developments, applications, and competitive advantages within the e-brokerage sector. We examine the technological trends shaping product innovation and assess the market fit of new offerings.
(This section will offer a 100-150 word summary of product innovations, focusing on technological trends and market fit. Examples include the integration of AI-powered trading tools and the development of personalized investment solutions.)
Report Scope & Segmentation Analysis
This section details the market segmentation used in the report. It provides growth projections, market sizes, and competitive dynamics for each segment.
(This section will provide a 100-150 word description of the market segmentation, including details on growth projections and market size for each segment.)
Key Drivers of E-Brokerages Market Growth
This section outlines the key factors driving the growth of the e-brokerage market, encompassing technological advancements, economic conditions, and regulatory changes.
(This section will provide a 150-word analysis of key growth drivers using paragraphs or lists. Examples include the increasing accessibility of internet and mobile technology, favorable economic conditions, and supportive regulatory frameworks.)
Challenges in the E-Brokerages Market Sector
This section discusses the challenges and restraints facing the e-brokerage market, including regulatory hurdles, supply chain issues, and competitive pressures.
(This section will provide a 150-word analysis of challenges and restraints using paragraphs or lists, including quantifiable impacts where possible.)
Emerging Opportunities in E-Brokerages Market
This section highlights emerging opportunities within the e-brokerage market, including new markets, technologies, and evolving consumer preferences.
(This section will provide a 150-word analysis of emerging opportunities, focusing on new markets, technologies, or consumer preferences.)
Leading Players in the E-Brokerages Market Market
This section lists the leading players in the e-brokerages market. Where possible, links to company websites are provided.
- Interactive Brokers
- Charles Schwab
- Fidelity Investments
- TD Ameritrade
- E-Trade
- TastyWorks
- eToro
- X-Trade Brokers
- IC Markets
- Eoption
- First Prudential Markets (List not exhaustive)
Key Developments in E-Brokerages Market Industry
This section details key industry developments, emphasizing their impact on market dynamics.
- May 2022: Interactive Brokers partnered with TradingView, allowing clients to trade directly from TradingView workspaces and charts.
- May 2022: Fidelity International partnered with Conquest to distribute its financial planning software in the UK independent advice market.
- August 2022: eToro acquired Gatsby for USD 50 Million in cash and common shares.
Future Outlook for E-Brokerages Market Market
This section summarizes growth accelerators and strategic opportunities within the e-brokerage market, focusing on future market potential.
(This section will provide a 150-word summary of future growth accelerators and strategic opportunities.)
E-Brokerages Market Segmentation
-
1. Client
- 1.1. Retailers
- 1.2. Institutional
-
2. Services Provided
- 2.1. Full Time Brokers
- 2.2. Discounted Brokers
-
3. Ownership
- 3.1. Privately Held
- 3.2. Publicly Held
E-Brokerages Market Segmentation By Geography
- 1. North America
- 2. Europe
- 3. Asia Pacific
- 4. South America
- 5. Middle East and Africa

E-Brokerages Market REPORT HIGHLIGHTS
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of > 6.50% from 2019-2033 |
Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.3. Market Restrains
- 3.4. Market Trends
- 3.4.1. Zero commission in United States equity markets change market dynamics
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Global E-Brokerages Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Client
- 5.1.1. Retailers
- 5.1.2. Institutional
- 5.2. Market Analysis, Insights and Forecast - by Services Provided
- 5.2.1. Full Time Brokers
- 5.2.2. Discounted Brokers
- 5.3. Market Analysis, Insights and Forecast - by Ownership
- 5.3.1. Privately Held
- 5.3.2. Publicly Held
- 5.4. Market Analysis, Insights and Forecast - by Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. South America
- 5.4.5. Middle East and Africa
- 5.1. Market Analysis, Insights and Forecast - by Client
- 6. North America E-Brokerages Market Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - by Client
- 6.1.1. Retailers
- 6.1.2. Institutional
- 6.2. Market Analysis, Insights and Forecast - by Services Provided
- 6.2.1. Full Time Brokers
- 6.2.2. Discounted Brokers
- 6.3. Market Analysis, Insights and Forecast - by Ownership
- 6.3.1. Privately Held
- 6.3.2. Publicly Held
- 6.1. Market Analysis, Insights and Forecast - by Client
- 7. Europe E-Brokerages Market Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - by Client
- 7.1.1. Retailers
- 7.1.2. Institutional
- 7.2. Market Analysis, Insights and Forecast - by Services Provided
- 7.2.1. Full Time Brokers
- 7.2.2. Discounted Brokers
- 7.3. Market Analysis, Insights and Forecast - by Ownership
- 7.3.1. Privately Held
- 7.3.2. Publicly Held
- 7.1. Market Analysis, Insights and Forecast - by Client
- 8. Asia Pacific E-Brokerages Market Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - by Client
- 8.1.1. Retailers
- 8.1.2. Institutional
- 8.2. Market Analysis, Insights and Forecast - by Services Provided
- 8.2.1. Full Time Brokers
- 8.2.2. Discounted Brokers
- 8.3. Market Analysis, Insights and Forecast - by Ownership
- 8.3.1. Privately Held
- 8.3.2. Publicly Held
- 8.1. Market Analysis, Insights and Forecast - by Client
- 9. South America E-Brokerages Market Analysis, Insights and Forecast, 2019-2031
- 9.1. Market Analysis, Insights and Forecast - by Client
- 9.1.1. Retailers
- 9.1.2. Institutional
- 9.2. Market Analysis, Insights and Forecast - by Services Provided
- 9.2.1. Full Time Brokers
- 9.2.2. Discounted Brokers
- 9.3. Market Analysis, Insights and Forecast - by Ownership
- 9.3.1. Privately Held
- 9.3.2. Publicly Held
- 9.1. Market Analysis, Insights and Forecast - by Client
- 10. Middle East and Africa E-Brokerages Market Analysis, Insights and Forecast, 2019-2031
- 10.1. Market Analysis, Insights and Forecast - by Client
- 10.1.1. Retailers
- 10.1.2. Institutional
- 10.2. Market Analysis, Insights and Forecast - by Services Provided
- 10.2.1. Full Time Brokers
- 10.2.2. Discounted Brokers
- 10.3. Market Analysis, Insights and Forecast - by Ownership
- 10.3.1. Privately Held
- 10.3.2. Publicly Held
- 10.1. Market Analysis, Insights and Forecast - by Client
- 11. Competitive Analysis
- 11.1. Global Market Share Analysis 2024
- 11.2. Company Profiles
- 11.2.1 Interactive Brokers
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 Charles Schwab
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Fidelity Investments
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 TD Ameritrade
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 E-Trade
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 TastyWorks
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 Etoro
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 X-Trade Brokers
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 IC Markets
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 Eoption
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.11 First Prudential Markets**List Not Exhaustive
- 11.2.11.1. Overview
- 11.2.11.2. Products
- 11.2.11.3. SWOT Analysis
- 11.2.11.4. Recent Developments
- 11.2.11.5. Financials (Based on Availability)
- 11.2.1 Interactive Brokers
List of Figures
- Figure 1: Global E-Brokerages Market Revenue Breakdown (Million, %) by Region 2024 & 2032
- Figure 2: North America E-Brokerages Market Revenue (Million), by Client 2024 & 2032
- Figure 3: North America E-Brokerages Market Revenue Share (%), by Client 2024 & 2032
- Figure 4: North America E-Brokerages Market Revenue (Million), by Services Provided 2024 & 2032
- Figure 5: North America E-Brokerages Market Revenue Share (%), by Services Provided 2024 & 2032
- Figure 6: North America E-Brokerages Market Revenue (Million), by Ownership 2024 & 2032
- Figure 7: North America E-Brokerages Market Revenue Share (%), by Ownership 2024 & 2032
- Figure 8: North America E-Brokerages Market Revenue (Million), by Country 2024 & 2032
- Figure 9: North America E-Brokerages Market Revenue Share (%), by Country 2024 & 2032
- Figure 10: Europe E-Brokerages Market Revenue (Million), by Client 2024 & 2032
- Figure 11: Europe E-Brokerages Market Revenue Share (%), by Client 2024 & 2032
- Figure 12: Europe E-Brokerages Market Revenue (Million), by Services Provided 2024 & 2032
- Figure 13: Europe E-Brokerages Market Revenue Share (%), by Services Provided 2024 & 2032
- Figure 14: Europe E-Brokerages Market Revenue (Million), by Ownership 2024 & 2032
- Figure 15: Europe E-Brokerages Market Revenue Share (%), by Ownership 2024 & 2032
- Figure 16: Europe E-Brokerages Market Revenue (Million), by Country 2024 & 2032
- Figure 17: Europe E-Brokerages Market Revenue Share (%), by Country 2024 & 2032
- Figure 18: Asia Pacific E-Brokerages Market Revenue (Million), by Client 2024 & 2032
- Figure 19: Asia Pacific E-Brokerages Market Revenue Share (%), by Client 2024 & 2032
- Figure 20: Asia Pacific E-Brokerages Market Revenue (Million), by Services Provided 2024 & 2032
- Figure 21: Asia Pacific E-Brokerages Market Revenue Share (%), by Services Provided 2024 & 2032
- Figure 22: Asia Pacific E-Brokerages Market Revenue (Million), by Ownership 2024 & 2032
- Figure 23: Asia Pacific E-Brokerages Market Revenue Share (%), by Ownership 2024 & 2032
- Figure 24: Asia Pacific E-Brokerages Market Revenue (Million), by Country 2024 & 2032
- Figure 25: Asia Pacific E-Brokerages Market Revenue Share (%), by Country 2024 & 2032
- Figure 26: South America E-Brokerages Market Revenue (Million), by Client 2024 & 2032
- Figure 27: South America E-Brokerages Market Revenue Share (%), by Client 2024 & 2032
- Figure 28: South America E-Brokerages Market Revenue (Million), by Services Provided 2024 & 2032
- Figure 29: South America E-Brokerages Market Revenue Share (%), by Services Provided 2024 & 2032
- Figure 30: South America E-Brokerages Market Revenue (Million), by Ownership 2024 & 2032
- Figure 31: South America E-Brokerages Market Revenue Share (%), by Ownership 2024 & 2032
- Figure 32: South America E-Brokerages Market Revenue (Million), by Country 2024 & 2032
- Figure 33: South America E-Brokerages Market Revenue Share (%), by Country 2024 & 2032
- Figure 34: Middle East and Africa E-Brokerages Market Revenue (Million), by Client 2024 & 2032
- Figure 35: Middle East and Africa E-Brokerages Market Revenue Share (%), by Client 2024 & 2032
- Figure 36: Middle East and Africa E-Brokerages Market Revenue (Million), by Services Provided 2024 & 2032
- Figure 37: Middle East and Africa E-Brokerages Market Revenue Share (%), by Services Provided 2024 & 2032
- Figure 38: Middle East and Africa E-Brokerages Market Revenue (Million), by Ownership 2024 & 2032
- Figure 39: Middle East and Africa E-Brokerages Market Revenue Share (%), by Ownership 2024 & 2032
- Figure 40: Middle East and Africa E-Brokerages Market Revenue (Million), by Country 2024 & 2032
- Figure 41: Middle East and Africa E-Brokerages Market Revenue Share (%), by Country 2024 & 2032
List of Tables
- Table 1: Global E-Brokerages Market Revenue Million Forecast, by Region 2019 & 2032
- Table 2: Global E-Brokerages Market Revenue Million Forecast, by Client 2019 & 2032
- Table 3: Global E-Brokerages Market Revenue Million Forecast, by Services Provided 2019 & 2032
- Table 4: Global E-Brokerages Market Revenue Million Forecast, by Ownership 2019 & 2032
- Table 5: Global E-Brokerages Market Revenue Million Forecast, by Region 2019 & 2032
- Table 6: Global E-Brokerages Market Revenue Million Forecast, by Client 2019 & 2032
- Table 7: Global E-Brokerages Market Revenue Million Forecast, by Services Provided 2019 & 2032
- Table 8: Global E-Brokerages Market Revenue Million Forecast, by Ownership 2019 & 2032
- Table 9: Global E-Brokerages Market Revenue Million Forecast, by Country 2019 & 2032
- Table 10: Global E-Brokerages Market Revenue Million Forecast, by Client 2019 & 2032
- Table 11: Global E-Brokerages Market Revenue Million Forecast, by Services Provided 2019 & 2032
- Table 12: Global E-Brokerages Market Revenue Million Forecast, by Ownership 2019 & 2032
- Table 13: Global E-Brokerages Market Revenue Million Forecast, by Country 2019 & 2032
- Table 14: Global E-Brokerages Market Revenue Million Forecast, by Client 2019 & 2032
- Table 15: Global E-Brokerages Market Revenue Million Forecast, by Services Provided 2019 & 2032
- Table 16: Global E-Brokerages Market Revenue Million Forecast, by Ownership 2019 & 2032
- Table 17: Global E-Brokerages Market Revenue Million Forecast, by Country 2019 & 2032
- Table 18: Global E-Brokerages Market Revenue Million Forecast, by Client 2019 & 2032
- Table 19: Global E-Brokerages Market Revenue Million Forecast, by Services Provided 2019 & 2032
- Table 20: Global E-Brokerages Market Revenue Million Forecast, by Ownership 2019 & 2032
- Table 21: Global E-Brokerages Market Revenue Million Forecast, by Country 2019 & 2032
- Table 22: Global E-Brokerages Market Revenue Million Forecast, by Client 2019 & 2032
- Table 23: Global E-Brokerages Market Revenue Million Forecast, by Services Provided 2019 & 2032
- Table 24: Global E-Brokerages Market Revenue Million Forecast, by Ownership 2019 & 2032
- Table 25: Global E-Brokerages Market Revenue Million Forecast, by Country 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the E-Brokerages Market?
The projected CAGR is approximately > 6.50%.
2. Which companies are prominent players in the E-Brokerages Market?
Key companies in the market include Interactive Brokers, Charles Schwab, Fidelity Investments, TD Ameritrade, E-Trade, TastyWorks, Etoro, X-Trade Brokers, IC Markets, Eoption, First Prudential Markets**List Not Exhaustive.
3. What are the main segments of the E-Brokerages Market?
The market segments include Client, Services Provided, Ownership.
4. Can you provide details about the market size?
The market size is estimated to be USD XX Million as of 2022.
5. What are some drivers contributing to market growth?
N/A
6. What are the notable trends driving market growth?
Zero commission in United States equity markets change market dynamics.
7. Are there any restraints impacting market growth?
N/A
8. Can you provide examples of recent developments in the market?
May 2022: Interactive Brokers partnered with TradingView. The new partnership was like a win-win for all parties, particularly for Interactive broker clients as they were now trading directly from their TradingView workspaces and charts.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "E-Brokerages Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the E-Brokerages Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the E-Brokerages Market?
To stay informed about further developments, trends, and reports in the E-Brokerages Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database



Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations

Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence