The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst
: I just wanted to ask another quick one on BIDS. I understand the opportunity to expand in other asset classes or regions. But I believe BIDS, 100%
of revenue, is driven by the U.S. So I'm just wondering like what it brings to the table from the U.S. business when you have to run basically separate
liquidity pools? Any color on there would be helpful.
Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst
: Sure. Yes. No, I was wondering just what it brings to the table in the U.S.? And Brian had said 100%. Just going off your slide deck, it's at $42 million
in North American equity. So apologies if I got that wrong, but...
Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst
: Yes. And Chris, in terms of the U.S., I mean, this is a platform that operates in the off-exchange ATS space. It's a very fragmented space. The competition
tends to be in terms of independent platforms, small subscale platforms. And we believe BIDS is really -- it's the largest. We believe it's the winner
there. We believe it will continue to be. One of the drivers behind that, it's not just the great operations that Tim and his team have established,
but also the special relationships with the broker community through the sponsored access model, which will continue in place. Effectively, the
brokers operate as our distributed sales force for that business and it rewards all parties to the network. So we feel good about its positioning in
the U.S. and its ability to expand there as we work to expand the global penetration.
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