We had a really good quarter in options. We have launched and are profitable in India already which is exciting. I mean it’s a small business and its growing. I want to get into them the options because there’s been a lot of news around that. And that does not involve Virtu that’s not our style. But certainly we think that there’s a significant opportunity there in Japan where we’re up and running. So, again, I’m very pleased with the progress. Our market share in the index family has continued to grow and is meaningful. And we have — we’re active on all of the 17 or 18 options venues that are out there. And we’re focused on capturing the significant opportunity that like at our feet and in our wheelhouse. And if you look at like the mix of business again I don’t want to pat ourselves on the back if I told you so, but a lot of the — I would say there’s been a shift more towards these index products as opposed to the single names.
So, I think there’s plenty of opportunity there. There’s plenty of opportunity overseas and we will continue to grow. I’m not saying we’re not going to ultimately take direct flow. We are competitive there. We do take some of it through other through other means. There’s other ATF. There’s routers that send us retail flow you can be competitive in the options. And so we’re in the business. We’re just not fully scaled and competing with Citadel and Susquehanna get in that business. But we will at some point.
Dan Fannon: Understood. And then just thinking about the regulatory calendar over the next couple of months can you help us know what you’re focused on in terms of rulings kind of where your processes that are kind of working down that you’re still waiting to hear back from as we think about I don’t know not the full year, but maybe in the more shorter time period?
Douglas Cifu: Yes. Great question. I was really trying to get through an earnings call without disparage and Gary Gensler. And I guess you’re not going to let me. I’m joking, but not really. As you have seen there has been a — I think, we’re up to 10 or 12 litigations now, against the SEC by business groups, industry participants everything from the proxy adviser rule to the climate rule which they have stayed. It’s really become — I don’t say comical, I would say actually kind of sad, if you will, that there’s been such a lack of engagement with American participants if you will, and the SEC has just gone full steam ahead with a lot of these rules. And frankly, they’re going to just continue to rack up losses, based on the briefs and some of the analysis that I have read.
In terms of the proposals that more directly impact Virtu, the climate thing impacts us because we’re a public company. And I don’t think that’s really even worth talking back of that. I think that will see the light of the day, because it was so broad in overreaching and the economic analysis was, so future in that I think the court will reject it. But in terms of the proposals that impact Virtu, the 605 rule was adopted and that’s favorable it’s something that we had advocated for. I think the other three proposals I hear will come out of the SEC at some point this year. I think there’s going to be significant changes to the auction proposal. I think that will — I think there’s been an avalanche of comments from just anybody who’s credible in the industry that says this is just silly and not workable and its solution chasing a problem that doesn’t exist.
So if that even sees the light of the day, I think it will be very different than the proposal that came out and it will have no real impact on Virtu or the marketplace at all. I think the best execution rule will come out. It will be vague overreaching and we will not have a significant economic analysis underlying it. So there’ll be litigation that somebody will bring, in one of the Knight fifth or eight-circuits and the SEC will lose that one as well because the economic analysis will again not satisfy the standard in The Administrative Procedures Act. And then finally the Reg NMS in terms of like what they’re going to do with your ability to quote at midpoint or some smaller increments that’s kind of a TBD. If it’s not too overreaching and kind of makes sense, I think the industry will say, okay, we’re happy to allow this one to come through without litigation.
Maybe the exchanges will sue on that, because I think it’s not, it doesn’t allow them to be as competitive. I don’t know. I mean that one we’ll see. But I think you’ll see final rule late beyond all this stuff in the next three to six months. And obviously November fourth or fifth there’s an election. If there’s a change of administration traditionally the Chairman would resign. And so I think our long national nightmare will be over. And we can get back to doing business.
Dan Fannon: Yeah. That’s helpful. Thank you.
Douglas Cifu: That was a general quote by the way for everybody who’s interested, yes. Thank you, Dan.
Operator: [Operator Instructions] Our next question comes from Michael Cyprys with Morgan Stanley. Your line is open.
Michael Cyprys: Great. Thank you. Good morning. I wanted to come back to Options Market Making. Doug, I think you mentioned that you’re quoting in 10% to 20% of the universe today. Just curious what takes you to 50% or higher overtime? And what that time frame could look like?
Douglas Cifu: Yeah. It’s a great question. Again, it’s balancing the opportunities, Michael. And I think if you had asked me this question three years ago, I might have given you a different answer. I think, I don’t know which one of you guys put that all this great data. But in terms of — and someone has done a really good analysis of like opportunities. I mean there’s been like a seismic shift towards an SPX line and like the broader index families in terms of volumes. So we kind of — we go where the opportunities are. The guys in the desk are obviously very keenly aware kind of where they should focus their energies. And so I’m really letting them lead as opposed to me saying from on top of we need to be in 122 symbols by X, because that would be foolish.
