So no farmer is entirely a price taker, their presence or not in the market does change prices.

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As the Fed's balance sheet expands, it becomes more of a price maker than a price taker in the Treasury market.

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By using flash, we're able to provide the same price as what's on the taker market but for free.

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So ISE would be forced to route that order to another market center that had a better price, which could be a maker-taker market.

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Additionally, there's a certain percentage of the time, and it is significant, that our market makers actually provide an even better price than what's available on the taker market by being given this chance to respond in the flash process.

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The maker-taker markets about 20% of the time are the better price, so they are competing, and they are providing a great quote and it's an ecosystem that's working extremely well.

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