Shelly Brown

“We made pricing changes in Sapphire primarily for the trading floor. We tried some pricing changes in July on Pearl to try to attract further high profit flow. We reverted some of those for this month, did not have the expected impact.”

“At any given day, 5% to 6% of the market in each of those symbols.”

“Tom, and thank you, Patrick, for the question. As Tom said, we focus not just on market share but also capture rate. And by changing market share in terms of less low capture volume and less negative capture volume, it's truly a positive from a revenue perspective.”

“And, Patrick, thank you for the question. I agree that the growth in the industry will continue. The short-dated options in those nine stocks, we're only a few weeks into that program.”

“So Options continue to be our most mature market segment, but we believe there's still room for additional growth. There are strong secular tailwinds in the industry, growing industry ADV, new optionable classes resulting from a robust IPO market and innovative products like short-dated equity options.”