What Is PureStream?

PureStream is the name of a venue. We operate two protocols, but streaming is an attempt at improving liquidity discovery between institutions. When someone is using the streaming protocol, we're referencing trades that took place within the NDBO. Now on the, let's say IEX, a thousand shares trades on the bid side at 36, you guys and PureStream would trade 100 at 36. And two splits, a microsecond later, a thousand Shares trades on the offer 3601. Well, you both would exchange 100 shares at 3601. So we're referencing each of the trades that takes place system live at that 10%.