In the hot summer of 2013, many Germans sought the cool shade of a biergarten. Parasols bear the name of a local brewer, as do the tables and chairs, and signs advertise the local beer brand. You may be wondering what this has to do with the financial markets. A great deal, as it happens.

Biergartens are based on a distinct distribution model, consisting of small-scale producers (brewers) and distributors (biergartens) that don't have their own production. Similar models are common in the financial world, where they are currently under a great deal of pressure. Producers buy their way into a relationship with a distributor, which provides them with guided advice and imposes limitations on consumer choice. Distributors give priority to the sponsors and sometimes even exclude competing products.