Question-and-Answer Session
Operator
Thank you, sir. (Operator instructions) And we’ll take our first question from Edward Ditmire with Fox-Pitt.
Edward Ditmire – Fox-Pitt
Good afternoon. Certain exchanges are proposed rule changes as you mentioned should modify the classifications at these high-frequency non-Market Maker liquidity providers that you compete with. One, do you think that because you have an impact over say the next year, and then how meaningful would that be on your business?
Thomas Peterffy
If it would have an impact, I’m not – I haven’t though about that how meaningful it would be. I wouldn’t know how to quantify. The rule changes was submitted by the IFC, the CBOE indicated that the ISC few changes were accepted, the CBO would adopt a similar rule change, but the fact is that this has been sitting at SEC for something like 6 to 9 months and they haven’t acted on it.
Edward Ditmire – Fox-Pitt
Okay, and then I have another question if I could. You talk about how more of your business in Market Making is developing away from U.S. options. Can you explain and try to reconcile the volumes in the U.S. options in this theory [ph], definitely moving forward at a very fast clip. Can you talk about some of the dynamics that you are seeing in these markets and why you are growing faster in other areas?
Thomas Peterffy
The reason we are growing faster in other areas is because we want to. We put great deal of emphasis on to growing at other places because the profitability is more lucrative. Secondly, it is our long-term goal to have a totally global system where any of our customers or ourselves as Market Makers can access in the automated exchange around the world, that is our – that’s what we are after, and that’s where we are working at. So, it will be the case that we will keep on adding more and more automated exchanges around the world to our system.
Edward Ditmire – Fox-Pitt
Okay. Thank you. I’ll get back in the queue.
Operator
And we’ll take our next question from Richard Repetto with Sandler O'Neill.
Richard Repetto – Sandler O'Neill
Good evening, Thomas and Paul.
Thomas Peterffy
Hello.
Richard Repetto – Sandler O'Neill
I guess the first question is, these high-frequency traders how much volume do you think that they are creating as percentage, and I know you said it varies with volatility. But in the second quarter with an average of excess say 20 or 21, I’m just trying to see how much they might inflate the volumes where you really don’t want to participate in?
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