Morley Conn

So we speak to them, provide them with a lot of trading advice and guidance on best execution practices and see them as a very important partner to what we're trying to achieve.

Noisy pricing for sure.

Most definitely.

On holiday days, you do see less players in the marketplace.

There is definitely a liquidity factor as well to take into consideration.

There's just less prices out there.

There's less participants.

I think that it's not as much the spread as just a really bad fill.

And there's been some famous ones in the past that have occurred and they've been in sizable trade.

So there's been some lessons learned about that type of trade.

It's not just also retail investors that need to be careful of that.

There's been institutions that have borne the brunt of that as well.

I'm gonna give just a lame answer, but it completely depends on what you are looking to achieve.

What is the goal?

What are you looking to achieve with that trade, Cameron?

Is it the immediacy because you think that the market's going to rally that particular day?

Is it a risk reduction trade that is occurring and you need to get off that exposure as quickly as possible?

Is it the need to transact before a central bank decision occurs at either 10 o'clock at Bank of Canada or into the afternoon with the Fed?

It completely depends on what the drivers are of the portfolio manager's decision-making process and its traders for that matter.

You know what, as well, there's a lot of quantitative trade that occurs, systematic trade that will go through the market.