Dark pool

So they held them to all of these incredibly high standards.

And then they say, well, you know what? Direct Edge, BATS, Dark Pool, Citadel, they can all basically just free ride off of their infrastructure and trade these these equities it was to this day i still find it to be absurd but credit to those venues they make a fortune as listing entities now more so than the transactional volume but in the world where i don't think the cftc should have allowed these perpetual futures um it was clearly Oriented around crypto and now the gambling platforms that call themselves prediction markets are trying to leverage that and use that as kind of a loophole to get into other areas.

But the regulatory is something I think you need to stay on top of.

And then also just look, there is total market ADV or average daily volume is inexorably intertwined with the fortunes of my ex.

Today, that same IBM order might execute across a dozen different venues.

The New York Stock Exchange, Nasdaq, BATS, IEX, Direct Edge, and a constellation of private venues called dark pools.

This fragmentation happened because regulators encouraged competition between trading venues.

The result is that liquidity for any given stock is now scattered across many places.

It also sees that a dark pool called Liquidnet has two thousand shares available at one hundred and seventy point zero one but with a higher fee that offsets some of the price advantage.

The router calculates the effective cost at each venue and sends the order where it gets the best overall deal.

Dark pools deserve special attention.

These are private trading venues that don't display their order books publicly.

And I'm sure that there will be peer-to-peer sales, you know, just like there are now.

OTC Desk and Dark Pools coordinate, you know, a brokerage service where basically they allow two counterparties to interact with one another.

Um, and there, there will be marketplaces where you could exchange or purchase XRP, but I think you're gonna need to have certain credentials, be of a certain status, or know the right people in order to be able to participate in those, um, if it isn't adopted at an institutional level and becomes a systemically important asset.

Um, your wallet address.

So you can clock it, you know, put it out there, uh, and hold me to it.

And again, if I'm wrong, happy to say I was wrong and, and I'll give it with the caveat that it may be on the EVM sidechain that they issue that and not necessarily directly on the XRP Ledger, but it will be able to settle back through XRP.

Uh, BTW, [sighs] uh, they say, "I'm hearing Evernorth will buy thirty million of XRP off the open market instead of the dark pools.

What do you think that will do to the price of XRP, if that's true?" It's not gonna move it a whole lot.