And, in particular, longer term, this is one thing we’re quite focused on, is looking for ways to morph PTs and traditional in comp list business, so that we give traders at the point of execution when they’re going out, which is the better way to execute this trade. Should I go in comp list? Should I go PT? It’s going to vary depending upon what they’re trading, what’s going on in the market at that time. But PT, it’s a pretty concentrated business in terms of liquidity provision. I think, there’s maybe half a dozen, or eight, or so firms that are active in it and it’s quite concentrated with half that number, if that. And to forego all of the broad liquidity in the market from over 1,000 liquidity providers that we have seems an unfortunate thing to do.
So that’s kind of on our long-term roadmap with PT is look for ways how we can bring that broad liquidity together with the benefits of the portfolio trading workflow.
Kyle Voigt: Thanks, Rich. Thanks, Chris.
Operator: Your next question comes from the line of Benjamin Budish with Barclays. Please go ahead.
Benjamin Budish: Hi, there. Thanks for taking the question. I wanted to kind of follow back a little bit on Chris’s question from earlier, just in terms of the kind of early reads from Adaptive Auto-X and thinking about Rich, some of your comments on auto exiting the trade sizes increase. I guess, for Adaptive Auto-X, do you think this is going to be a kind of quicker solution to seeing trade size increase? Or is it perhaps more like what you’re seeing with your Auto-X product? You expect traders to kind of get more comfortable and over time they start putting in larger and larger tickets. So, yeah, any kind of early reads from the behavior you’re seeing from your clients and pilot?
Richard Schiffman: Yeah. Thanks, Benjamin, for the question. I think, we’re going to see larger volumes coming through on it, but it might not necessarily be reflected in larger tickets, because part of what the benefit of Adaptive Auto-X is, this ability to really easily breakup a large inquiry or order into smaller pieces and get quality execution at an average price across those executions. So, I think, it will be a tool for attracting these larger orders into the system, although the actual executions of them might happen in relatively smaller pieces.
Operator: Your next question comes from the line of Patrick Moley with Piper Sandler. Please go ahead.
Patrick Moley: Yeah, good morning. Thanks for taking my question. Chris, earlier this month, maybe late last month, there was a large liquidity provider market maker out there that was talking about wanting to become more involved in the U.S. credit market. So just wondering what your thoughts are on some of these larger players leaning into credit, maybe what it means for automation and maybe what it means for your Adaptive Auto-X tool more specifically. Thanks.
Chris Concannon: Sure. Great question. And, obviously, from a macro perspective, it’s quite positive that everyone is looking at the fixed income market as an attractive environment for the coming years with yields at these levels, obviously, the Fed is contemplating another quarter point rate hike next week. And, obviously, if the Fed halts rate hikes next week that’s certainly going to be very positive for fixed income investing. And even BlackRock recently predicted a surge in fixed income investments once the Fed stop raising rates. So the overall macro environment is quite attractive for the fixed income market and, certainly, credit, in particular. The new entrants of the most recent, I think, there was a story in the FT about Citadel joining the credit markets as a liquidity provider.
