Benjamin Budish: Got it. That was all for me. Thank you.
Operator: Our next question comes from the line of Eli Abboud from Bank of America. Please go ahead.
Eli Abboud: Hi. Good morning. Thanks for taking the question. Can we have a little bit more of an update on Adaptive Auto-X? I think last quarter, you mentioned that 13 clients were using it. How has penetration progressed? And what can you share about the early feedback? Thanks.
Christopher Concannon: Sure. Thanks, Eli. Yes, we’re pretty excited about the innovation of Adaptive Auto-X, as I mentioned earlier, it’s the first client algorithm launched in the credit space. Right now, we have 25 clients live on Adaptive Auto-X. There’s about 30 clients approved, still waiting to be onboarded. And then there’s more, obviously, in the pipeline. We also are excited about a new launch of an algo this summer, really a dynamic liquidity-taking solution. The feedback has been quite positive, the feedback from clients. We have some very large clients waiting in the queue in the pipeline. We’ve obviously been showing demos of the product to all our clients, and the feedback has been quite positive. Again, it’s still early days with this product rollout, but we’re just seeing a healthy outcome in terms of execution quality, both in terms of avoiding spread as well as with some of the larger blocks being sliced into smaller sizes.
We’re also seeing better trade execution quality as a result of eliminating — limiting market impact from executing larger block sizes. So again, early days with the product, but pretty exciting feedback. And obviously the demand is quite high given the size of the client onboarding that we’re dealing with right now.
Eli Abboud: Got it. And you mentioned the block trading had a particularly strong quarter earlier. How much of this is attributable to this early progress on Adaptive Auto-X? Or is it other technologies and protocols that are driving that progress so far?
Christopher Concannon: Really, the block trading that we’re seeing the success in, particularly in EM, we offer a request for market that has been an offering, a protocol that we launched quite some time ago, and that’s really been driving some of our block trading experience here. And as I mentioned, in EM, block trading was up 34%. The other areas, obviously, in EM is local markets. We’re seeing larger block size in local markets as well. So it’s — and then I also mentioned in investment grade, block size running through our current platform is where we’re seeing an increase in block trading. We also mentioned that our intent is to roll out X-Pro for a high touch. Again, that’s targeting the block size market, and that’s still to come in the coming quarters. So a lot of opportunity around the block size solution, both from algorithms breaking down blocks as well as solving blocks for electronic trading by just reducing information leakage for those size trades.
Eli Abboud: Awesome. Thank you.
Operator: That concludes our Q&A session. I will now turn the conference back over to Chris Concannon for closing remarks.
Christopher Concannon: Great. Well, thank you for joining us today. We’re exceptionally excited about the things that we’re building and rolling out this summer and we look forward to updating you on our progress at our next quarter call. Thanks, everyone, for joining.
Operator: Ladies and gentlemen that concludes today’s call. Thank you all for joining. You may now disconnect.
