Routing: BATS vs. BYX vs. BZX?

[GRULSTMRNN]

I was of course not asking you to refer to your client base but to just name any fund or trading firm you know of that trades only a single market. You claimed "most" traders and hedge funds focus on a single market. But credit here, you said small to mid sized hedge funds. But certainly it's not a majority but a few guys who punt a few globex futures or US stocks or the like. I just never came across such firms and was honestly curious who those firms are you spoke of.

But true, sorry for having diverted the thread. Back to the topic.

No, I won't name any clients. I'm also not sure if a 1bln+ hedge fund would custody with us, but they use us for execution and Prime at a larger bank. They might custody at Wedbush for a manager. We have had 40 act funds do that.

My target market for Hedge funds are smaller than $250mm and are typically under $25mm. I care more about the transaction side of the business than the banking side.

This has taken the thread too far away from the question asked.