With level two they can see all stock orders placed by market makers in real time.
"We have to sit down with the market makers and see what is the appetite for this kind of issue," he said.
But just how the market makers will react remains a question.
One risk to the market maker would be insider trading.
As market makers they have a number of important advantages.
The firm is the major market maker in the debt.
Those rules make it possible for public investors to set the price, rather than allow the market makers to do so.
"But in the long run both currencies will be market makers."
And with the average stock having more than 10 market makers, losing a few might not have much impact.
Over time, you can expect to see fewer market makers in each stock.