And we left it up to traders on the system to have to go manually to each of the different protocols to take advantage of them. So that was really the most exciting thing, seeing this work across the protocols. I think we had one execution that was done three different ways, both on live markets as a provider of liquidity and then the remainder done as an RFQ, all done automatically through Adaptive Auto-X.
Christopher Allen: Thanks, guys. I hop back in the queue.
Operator: Your next question comes from the line of Kyle Voigt with KBW. Please go ahead.
Kyle Voigt: Hi, good morning. Just wondering if I could ask a question on recent trends in the high grade business, it seemed that really from 4Q 2021 through May of this year, you had stabilized market share trends versus your largest U.S. competitor, especially as you had fully rolled out a PT offering of your own. However, in June specifically, we’ve again seen some share loss in U.S. high grade versus that peer. Just wondering what has driven that recently in high grade and are you hearing anything from clients that would suggest there is any pure customer switching occurring of kind of standard RFQ or even OT activity?
Chris Concannon: Sure, happy to address. Thanks for the question. Obviously, across our other competitive products, things like high yield, EM and Eurobonds, we continue to see share growth over the quarters and certainly over the years, and those are products that are offered in a competitive environment as well. High grade seems to be a unique area, where we’ve bumped into our share growth challenges and particularly around portfolio trading, as I mentioned in our opening remarks. We’ve certainly seen portfolio trading grow within the market. It’s now somewhere between 5% and 6% of the overall market and that has grown over the past couple of years. We are hearing from clients that they are using portfolio trading for workflow solutions, so they are able to move large amounts of investment flows in and out of their portfolio through a very seamless one-time trade or one price trade.
We see portfolio trading happening direct with dealers, even over Excel spreadsheets, we see happening in the competitive environment. And then, obviously, we’re talking to our clients regularly on. What are their needs for portfolio trading on our platform? We are just now rolling out a number of enhancements to our portfolio trading platform, we’ve rolled out on our new platform that we talked about earlier, a brand new enhanced portfolio trading tool that expands the number of line items clients can trade. It also, more importantly, embed our unique data, tradability data, which is an important data product that we rolled out that helps clients not only trade the portfolio and determine price of that portfolio, but clients are trying to figure out what should be in their portfolio before they do a portfolio trade.
We see clients more often than not amending their portfolio, adjusting the line items in that portfolio to improve price or to choose the right protocol, and they’re using our tradability data as a line by line solution to help them build that portfolio before making that portfolio trade and optimizing price. So we’re feeling very good and very positive about our new portfolio trading enhancements, and we have a number of enhancements that are rolling out in August and throughout the course of the fall.
Richard Schiffman: Yeah, Kyle, it’s Rich. I was just going to add a couple of things about it. Also, the current environment, which is pretty low volatility, as Chris pointed out earlier, there’s not a big premium being paid to get the PTs done that way. So there’s no question there’s been a bit of shift in some of that activity. We’re picking up PT business also, although, maybe not growing as fast as the overall amount taking place, we are fully invested in it and making sure that we’ve got the most competitive product out there in the market, particularly around the usability in terms of the workflow, making sure it’s very easy. The work in our new trading platform is very much geared around the PT workflow and making sure that that goes smoothly.
