Actually this is quite shocking..... Personally I would like to thank the Townsends and Putnam for having the balls to complete what they set out to do....thereby enabling the trader to post between the bid ask on their own pc....via ARCA....RealTick.... Hats off to the Townsends and Putnam.... My hope from the Townsends/Putnam at this point is to further enable the defragmentation of the exchanges.... They changed the NYSE.... WHY NOT ????? Complete your vision....gentlemen....it ain't over.... In fact ....is just starting....as you already are aware....