Alex Heath

So the CME does like $3 trillion of volume a day.

And it's a massive market.

There's very large diversity of participants in the U.S.

and outside of the U.S.,

Some of it is institutional.

A lot of it is retail.

And then you have the S&P futures.

You have a bunch of different kind of products.

But it's a regulator that has kind of overseen like mass, mass amounts of data, like mass amounts of transactions on a daily basis across the board.

And yes, you could have a composition.

And I think it's not as kind of... We still have sort of a concentration of volume amongst the kind of like prosumer traders and institutions.

These things are not like...

they're not like uniform right it's not like you have 100 traders that do equal amount of volumes it's kind of very tilted and it's also existing in the traditional markets you have kind of a kind of a long tail distribution uh or like a skewed distribution and but the important thing here is like actually and this is very interesting when people look to commit fraud

they don't do it for like 10 bucks or $20, right?

Like they usually, you know, they try to make money out of it, right?

Otherwise, why are you violating the law?

And the fortunate thing about that is that the larger the size, the easier it is to flag.

The more unusual the pattern is.

You know, it's like, you know, when someone, for example, goes out,

Like when you hear about the SEC investigate some insider trading, it's because usually some trader at a bank bought a kind of an out of the money option two days before earnings.