Andrew Parish

But when we get to 24-7 trading across everything, like Jeff can't stay up for 24 hours a day.

You've got to have a second Jeff, right?

Or you've got to clone Jeff and have him work the midnight shift.

So when you think about

the steps that it's going to take and adjustments it's going to make to financial companies, financial services companies, investment banks, wealth management firms, all the way down your typical just advisor, right?

Guys at Merrill Lynch, what are going to be the adjustments when now you have markets open for 24-7?

Because it's interesting to talk about futures opening at 6.30 on a Sunday and not a whole lot of people that have meaningful capital associated with futures opening on Sunday.

But when we go to 24 seven markets and tokenization, everything is trading all the time.

Now everybody is invested.

Everybody is part of that boat that's trading all the time.

So what kind of coverage and changes in personnel are going to happen?

Big, big, big, big ripple effects across the world of finance.

Well, for the last 30 years, traditional markets have been very, very siloed.

So there's huge custodians like State Street and Bank of New York Mellon who custody trillions of dollars of assets.

Then there are exchanges like the NYSE and the NASDAQ who simply process transactions.

well then there are futures exchanges then there are options exchanges um that there's all different there's all different parts that move together but they're still siloed they're not necessarily owned by one big entity and are doing all all the things at one time that's the challenge that the crypto world brings to bear on traditional financial markets

Coinbase or Gemini or whatever, they're doing all of those things in one spot, custody, transactions, lending, yield, all sorts of stuff in one basket.

And traditional markets, there are players that have been in the space

on the traditional financial side where they found a niche, they've stuck to that niche or they've cornered that niche, right?

We can talk about Citadel and order flow.