And that’s really had an impact. In fact, as we were rolling out our new platform, we embedded it with a number of what we call power users. And we’ve seen those power users increase their overall activity levels moving from migrating from the old platform to the new platform. To go back to your original question, the integration with the OMS is quite complete, and the new platform is showing early signs of higher levels of activity, given the seamless interactions that clients now have and the number of line items they can manage on a single platform. The other piece of good news with regard to the OMS is our Adaptive Auto-X solution has a number of unique characters in it, when it actually fills a larger size trade, it can fill it in a series of smaller sized trades, as Rich mentioned earlier.
Those interactions have all been integrated with all the leading OMS providers. And so, we’re able to access the clients on those platforms can have easy access and seamless access to Adaptive Auto-X. And right now we have within our pilot, a number of clients that are spread out across the various OMS’ that we interact with.
Patrick O’Shaughnessy: That’s very helpful. Thank you.
Operator: Your next question is a follow-up from Michael Cyprys of Morgan Stanley. Please go ahead.
Michael Cyprys: Thanks for taking the follow-up. Question on retail, I was hoping you could just maybe elaborate on how you’re interfacing with retail demand. I know you guys are more of an institutional shop, but you do have connectivity to wealth platforms, you also get the benefit from the ETF side. So just any color there you can share and how you think about expanding that? How attractive do you view that end market? Thank you.
Chris Concannon: Sure. Great question. And, obviously, we have seen retail re-enter the fixed income market and it’s quite exciting to see fixed income assets as an attractive investment for retail. And you see that in the TRACE numbers as the average trade size and TRACE has dropped dramatically over the last 2 quarters and continues to thrive. We touch retail in a number of different ways, we recently launched our Axess IQ platform, which is designed specifically for private wealth firms, and we’re seeing a great deal of success on that as we continue to onboard new clients on a regular basis each quarter. And it’s hitting record volumes and tapping into a very important part of the retail private wealth sector. The other area that we see retail coming into our market is through the growth of SMA, separately managed accounts.
To remind you, these managed accounts are managed by large institutional investors that are using our platform every day. Their tickets come in much smaller size. And so part of the growth of our automation solution that you see quarter-over-quarter is really a reflection of the growth of SMA and the burden of managing small tickets within a large institutional player. Their demand for our automation is growing as the SMA assets are growing. And, certainly, the forecast by industry experts on SMA growth, particularly around the fixed income arena is quite high for the years to come, given where yields are. So we think we’re well positioned for supporting the retail market and quite excited about the potential growth of that SMA part of the industry.
Michael Cyprys: Great. Thank you.
Operator: Your final question comes from the line of Rich Repetto. Please go ahead.
Chris Concannon: Oh, boy.
Unidentified Analyst: Yeah, I’m a personal investor. And I’d like to ask, what are your mid-June volumes, because you’re comparing your July volumes to a number that’s fictitious and non-disclosed? So just trying to figure out what your mid-June volumes were?
Chris Concannon: Okay. Rich, are you with Reppeto & Associates now?
Unidentified Analyst: That’s exactly it, yes.
