Morley Conn

But really, I joke because what we all really want to do is ensure that

a positive experience for investors.

A little bit, but I can tell you this, for every trade we do, it's so competitive.

For every trade that we do where there might be a little, we're often losing as well.

It's a very competitive marketplace as well.

And you guys can see also on so many of the ETF pairs, particularly the more traded ones, it's one two cents wide.

So that is certainly not driving our P&L.

It is the commissions that we do earn from our institutional clients, and also as well is the overall relationship that we have with many of these asset managers, these ETF issuers that we work with.

The ETF ecosystem is, it's a low margin business.

It's a very low margin business, but it ties through because it covers so many different asset classes and these asset managers are quite large.

It ties through to many other aspects of the business.

When we have a large trade to do, our market makers need to gauge where they can hedge that position, where they can get out of that, get off if they're buying, for example, or even selling for that matter, where can they offset that risk position on an intraday basis?

And so that they can ensure that they're hedged off so that at the end of the day, when they meet, if we're going to do some primary issuance and we're going to be meeting the issuer for a NAV trade on the close to offset our positions, we're in a position to be hedged.

And if there's an intraday market movement,

we'll be able to manage that.

And the market is so competitive as well, Cameron.

When you are asked to trade on blocks, if you were going to be trying to arb these largest institutions,

You're not going to do another trade with that institution the next time they're looking to trade because there's just too many other banks that will do that trade on the cup, on the where fair value of that product should be.

Now, also as well, Cameron, we need to take into consideration that a seller comes in on a large block of product and

We need to take into consideration there's where the visible market is at that point.