The Proposal to Allow Auctions to Exist

There is no practical ability for retail and institutional investors that could benefit from the ability to sort of meet in the middle or interact more. We don't want to have that many auctions running simultaneously. In our view, 10 milliseconds is probably ample time. But again, let market decide maybe somebody wants to run 100 millisecond auction, but then shorten that window up. And then let's see what competition does. Because we don't know either. We're all making educated guesses. So the framework is powerful. Just drop the mandate.