Jeremy Maletz

But the bread and butter remains market making.

And we try to use that to kind of make a market or bring a market to any asset class we're looking at.

So if you have a market where you have an insane amount of people that are all trying to trade all the time, you might be able to make it work without a market maker.

But what a market maker is really doing is it's helping to bridge the gap between the different people who are trying to trade.

So Joe, you might want to trade now and Tracy might want to trade in an hour.

But that doesn't help you if she's not there now.

So we're basically saying, hey, we're going to be there when you want to trade.

And then we're gonna wait and when Tracy wants to trade, we'll take the other side of it.

So we're basically a function that matches the buyers to the sellers across time and also across size.

So it really depends on the way that you do it.

There's a lot of small independent groups or just individual people who are able to be out there.

And they make markets.

And their goal is to try to balance it.

And they have to think a lot about capital.

We are very fortunate that capital isn't generally a constraint for us.

So that's one of the things that it's an advantage for us.

But it's also something we can bring to the market.

provide much, much larger size on things.

It's why we're well suited to bootstrap a market and to do institutional type size because we're not constrained by capital in that way.

No.