What is the ELP program and what benefits does it offer retail investors?
Basically, it is integrating access to dark pools and other ways to get a trade done that have historically not been part of an exchange into our exchange. An order comes into one of our markets, we try to match it, but if we can’t, we’ll try to execute it in these dark pools and other places before we would send it on to another exchange. So it basically gives you true one-stop shopping. You have access when you put an order on Direct Edge not just to our exchanges but over 30 other exchanges, dark pools and other sources of liquidity. So you really have one-stop shopping. You hear a lot about the fragmentation. It’s a lot like Craigslist to some degree where yes, there are zillions of people across the world that are trying to sell a bicycle, but Craigslist re-aggregates all those markets in a way that you can use where it’s effective for you and it’s effective for everybody else on the other side. And that’s kind of the evolving definition of an exchange. An exchange used to be a bu
