Equity Exchanges and Systematic Internalizers - What's the Difference?

We don't have the equivalent of the d t c c till you have one clearing and settlement infor structure atlese, for equity. So if a competitive platform comes along, am, and wants to start up to morrow, it just goes and sits on top of thed t c c. There's no difference in the clearing and settlement cost that anybody pays. And then thy other thing is we don't have one big super regulator,. We do have a super regulator, but it doesn't have any teeth.