One out of every eight trades happens on Island. The Island difference, the advantage we have, is that we match the trades just like all these other different participants, but we do it faster every time, cheaper every time, and more fairly than has ever been done before. You've got it. Our model is to do that match over a computer. That's one reason I think Island is better.
Island does things in a fairer way.
We match people directly. Just like when you go on eBay, you are buying something right from someone else. That's an advantage everyone understands. All eight and a half billion shares that traded on Island in fourth-quarter 1999 traded without a spread. In every single case, we had a retail investor meeting another retail investor, or maybe a professional, directly.