Most trading workflows involve algorithmic trading conducted in New Jersey data centers, rather than paper tickets and floor traders in trading pits.

“I mean, markets went fully electronic, uh, about twenty years ago. And so, um, you know, everything from the exchanges to a lot of the brokers have sort of conformed to this new reality of most of the workflows being”

“algorithmic trading that happens in data centers in New Jersey rather than what a lot of people still think happens, which is have paper tickets-”

“... and floor traders in, in a trading pit. So I, I don't think-- It's, it's not clear to me that anything fundamental has to change with regulation.”