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How Retail Investors Are Shaping Markets

Exchanges

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The Implications of Retail Trading on the Market

The way that retal trades is mostly throgh ono bilateral over the counter mechanisms. We typically had 35 % of yo sepety volumes happen off exchange. With zero coms, we saw rittle participation go up a couple of points, toto 50%. And then giveng covet realy, the noise we were all talking about doing covets, really when things started to gratically change in the summer of 20 20 for us.

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