Andrew Parish

It's difficult to take action on in an adjusting way.

to benefit the individual client but you can have models like ours where you've built that into uh the theory that it's acting on and you go down 1.9 and if you've put your number at one and a half it's going to grab that trade and execute it for you

Yeah, so that was what you're describing.

It was the advent of high frequency trading.

So HFT and the way to get an advantage was oddly proximity, right?

Fiber optic cable and proximity.

It's the reason why to this day, if you're an algorithmic driven company and you're trading futures markets,

It behooves you to have an office within a block or two of the CME in Chicago.

Again, it's crazy that in 2026 that's still a real thing, but it is absolutely is still a real thing.

You know what?

I don't have a great answer to that question.

You know, I'm not sure if proximity will end up being meaningful when we're talking about decentralized type of assets, right?

So Bitcoin is a decentralized type of asset.

So you're going to be able to trade it all over the place.

And there isn't necessarily a centralized repository, let's call it, that's keeping all of it going.

You see what I mean?

Now, will there be advantages that can be taken associated with pockets of liquidity here, pockets of liquidity to the downside or the upside?

Absolutely.

There will be opportunities to make the types of basis point advantages in the market as

know the collection of bitcoin finds itself into certain types of uh of uh of companies and and etfs and and the like so you know if if you're we we saw in the first let's call it six months of spot bitcoin etfs being available we saw on 13fs that you know citadel or renaissance or you know