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Is Liquidity a Good Thing?
The ability to move large size over a very short period of time as a price taker is much worse than it used to be. Liquidity tends to be more fragmented, and there are very large volumes in the markets. But if you show up into the market with a very large order that you're trying to get done over a veryshort period of time, you might actually end up having more price impact than you would have earlier. And I think we very much try to never be in that position where we're having to needing to go execute a large trade over a short period oftime as a forced buyer or a forced seller.