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Hello and welcome to another episode of the Adlots podcast. I'm Tracy Alloway.

And I'm Joe Weisenthal. Joe, do you remember GameStop?

No, what was that, Tracy? I forgot GameStop. Sorry, not familiar with it.

You know, one of the most remarkable things about that whole episode was that for a brief,

glorious moment in time, everyone was talking about market structure and things like payment for

order flow, DTCC collateral. That was a discussion that you could actually have in mainstream media and

sort of with your average person on the street. Yes, but I mean, those conversations were in many

cases deeply misinformed. So it is true that there was a lot of talk about market structure and

payment for order flow, the DTC and all that. And I actually did learn stuff, but there was a lot

of noise of people who would like, you know, spending conspiracy theories about what all this stuff,

high frequency trading, how it really worked. So hopefully people learn something, but I also

suspect a lot of people went away from that whole episode unless they listen to Adlots, of course,

much less informed. Look, I'll take what I can get when it comes to getting people interested in

market structure, but I think you're right. I think probably especially on the payment for

order flow subject, because it sounds kind of nefarious, you know, why would someone pay you for

trade order flow? They must want something. They must be doing something with the information.

I think it tends to lead to, you know, a lot of suspicion. Yeah, I think that term in particular,

you nailed it. There's something about that term that invites a lot of sort of conspiratorial

top. Yeah, exactly. And of course, we saw that really ramp up during the GameStop drama. We

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