Vlad Tenev

Yeah.

And we're currently not the exchange.

We route to exchanges.

So the exchanges actually have to list the contracts.

Out of the ones they list, we figure out which ones to offer to customers.

We've got lots of competitors.

I think the most obvious ones are the discount brokers.

So the big trillion dollar asset firms like Schwab's and Fidelity's.

Any upstarts after you that are making an impact?

I mean, in the direct brokerage industry, there's kind of this trend of

Chinese companies, you know, companies that actually have their teams in China, but they're operating regulated brokerages here.

So like Webull, Mumu, they're sort of trying to do certain aspects of what we're doing.

There's a lot of companies that are taking the Robinhood playbook and doing it internationally.

I think the big one is just cost of operations.

I see.

Lower cost of operations, high quality engineering.

They should be having to jump through the same- Subject to the same rules.

Yeah.

I mean, the US financial services industry has always had, I think, a little bit of trouble in recent years dealing with the offshore platforms in general.

I don't know if you remember FTX.