This is an old screenshot from an electronic communications network called Island that shows a bid and ask for not just dealers, but for everyone who trades on the exchange. The Securities and Exchange Commission wanted to encourage innovation, and so this is from 20 years ago. And they wanted to see electronic trading, so they allowed ECNs to be kept as a separate category. So this is one example, it was exciting because you can get on to buy and sell stocks. And you can actually see the book. Now here you don't have to be a dealer. You can place a bid that I'd like to buy so many shares at such and such a price. Or you could put in there and say bid is what I want to buy, ask is what I want to sell. You can see the number of shares is small in each case. These are ordinary investors, there might be some professional dealers trading in it, but mostly it was kind of an amateur market. So you could buy a 100 shares at $35, I can't quite read that, at 6250 per share and then someone else is offering, does that say 2 shares? The biggest one on here is 500 shares, so these are not big time trades. So what happens if you wanted to get on to Island, you would open up an account and then you could place a bid and ask. You could do it on your own. But you have to fill in one of these banks. So you would get on the computer and you'd see this thing. And then you'd type, I want to buy 20 shares at, but now I gotta beat these pther prices. You notice that they're decreasing as you go down. The computer has automatically sorted them. So if I want immediate execution, I'd better put something., I'll say $35.63, so I type that in, it goes on. And then, for a split second, you'll see, hey, there's my buy order. And then bang, it's gone. It lasted only one second, because there was somebody else with his finger on the sell order. He hit, I'll take it. If you put your order right here at the top, here's sell shares, if you want to sell, you see that the price goes up. So if you stay near the top you'll probably get executed immediately. So then it becomes a fun game to play. Then you think, well, that went awfully fast. Maybe I should put it down here somewhere. Then I won't get executed until someone wants to make a big trade, say, wants to buy 1,000 shares. And if you watch this thing on the screen, it would be constantly disappearing and appearing, the buys and sells. But the same thing you saw on Island is the same thing that you see on NASDAQ. NASDAQ now offers different levels, but this is a screen shot from what dealers see, it's the same game they're playing on NASDAQ. The only problem is that NASDAQ makes it expensive for you to subscribe to their service. because they want it to be for professional dealers, but it's the same, do you see what this is? These are the bids and these are the asks and It would be the same thing, but you notice that the number of shares is larger. And this is the name of the dealer company that's offering like arcx. This is the game that dealers play. So inside spread is the spread between the bid and the ask. This is slated to disappear in a millionth of a second.