Chris Allen: Thanks a lot guys.
Douglas Cifu: Thank you.
Operator: Thank you. [Operator Instructions] And our next question is from the line of Michael Cyprys of Morgan Stanley. Michael your line is open.
Michael Cyprys: Great. Thank you. Good morning. I want to circle back to your commentary on the index options volumes where you guys have been quite active. It sounds like you’re excited about the opportunity set there. But I was hoping you might be able to maybe elaborate on what you’re seeing across the marketplace that’s driving the strength in index options? And how sustainable do you think this activity is, particularly if we go into different types of market environments over the next year or two? And if you could maybe color — provide any sort of color on what sort of customers you’re trading with on the other side? We hear a lot of it is retail, but maybe how would you characterize that retail activity? And to what extent do you see or think institutions could start to come in?
Douglas Cifu: Yes, that’s a very good question, Michael. Look, I mean, I give credit, I guess, to the folks at the options exchanges that were driving these products. But like the daily exploration product, I think our sense is that it trades more because they’re — use the word better and cheaper hedging instruments than other instruments that have been out there. So, this drives volumes and drive interest from both professional traders and institutional traders. So, we don’t expect that — I mean obviously, there will be ebbs and flows with macro and market volumes, but we don’t expect that the shift will change anytime in the near future and hats off to the folks at CBOE and other institutions that have done a great job creating a hedgeable instrument that is — that provides efficiency and scale.
I mean that’s how markets work, and that’s what we’re all about and so we’re excited about that. So, we feel validated and I give a lot of credit to the folks that run our options business because they beat me over the head and said, no, this is where the market is going to be going a couple of years ago, and they were right. And so the fact that we are up and running and very, very competitive in those products is — has been very, very beneficial to our business. In terms of like what “customer” flow this is, whether it’s mom-and-pop retail. I would imagine it’s not because, obviously, there’s suitability concerns. I think it’s probably smaller trading firms and folks like that, that are going through options aggregators. And that’s really where our focus has been in terms of customer engagement.
It’s not necessarily with the big retail firms, but more of the options aggregator firms like DASH and firms like that, that have that — that act as a front end and an aggregator for professional or smaller trading firm options flow. And I think that’s where we will — we have focused and we’ll continue to focus our energies. It’s been about 40% of the flow come from customer accounts in the SPX index complex and that’s meaningful. Tag either customer or non-customer, so you can kind of allocate your interest based on that. So, that’s significant. It’s a very attractive, addressable market and that’s where we focused our energies.
Michael Cyprys: Great. Thank you.
Douglas Cifu: Thank you.
Operator: Our next question is today is from the line of Patrick Moley of Piper Sandler. Patrick, your line is now open.
