The Future of Trading on Displayed Markets

You can't be an ATS without being a broker dealer. We don't want to compete with a broker dealer in any shape or fashion. Part of the reason you exist, one of the other reasons you provide value is that you provide an opportunity for people like various other kinds of trading venues who are not available on displayed public markets. I think it's very odd that a participant can have multiple bids in the book or multiple offers as opposed to representing it as one quantity.