Reducing Access Fees Across the Board for All Securities

We're in favor of 10 mils across the board for all securities. 30 mils on a 10 cent wide spread is 3%. So it's really not much. That's not the incentive that's causing people to stay wide or to make particularly tight markets. It's about capturing half the spread. And in really tightly quoted names, arguably you don't need the rebate for the quote to be that tight. I really think these dovetail well of reducing access fees across the board,. giving people a chance to compete on price that's quoted and traded, not price net of fees.