The Benefits of Auctions for Retail Investors

The SEC has put out a mandate to basically set the rules for retail auction mechanism. We definitely think that going the mandated prescriptive route and forcing this to happen is probably not the way to get it done. But the concept around it, a facility that brings institutional retail investors together to trade from a natural perspective without, you know, the disintermediation that occurs today,. That's a really, really strong step forward for our market structure. It allows us to not suffer opportunity cost, pre-trade leakage, and frankly, adverse selection.