Lou Whiteman

Instant settlement.

Look, let's separate out the backend and the frontend.

NASDAQ actually has an application to the SEC to do this, and they hope to start doing this this year.

They submitted that bid last year.

On the backend, this could work to bring down costs and make things cheaper.

Worth noting, it's been tried before.

There are real regulatory issues here.

In part, there are questions about whether these become commodities and does that change insider trading law and all sorts of that.

There's a lot to be worked through.

It could, though, lead to 24-7 trading.

If it does, be careful what you wish for.

That's not going to be a good environment for anyone.

Price discovery will get a lot worse.

What do you mean by that, Lou?

In theory, if you catch it first, but look, right now, most of the volume on the exchanges are in the first 15 minutes and last 15 minutes of the day.

Most of the day is just a wasteland without volume.

Markets need volume for price discovery.

we get better pricing, the more people want to buy and more people want to sell because we get a better price.

If you get rid of those endpoints, there's a real question of when we will get volume and we will see a lot of price dislocation, Travis.

I'll leave it up to you whether you think that you're going to be the one that captures that or some algorithm that catches it, but maybe you will.