That's something we've heard in general, which I'll get to during this conversation. Going back to it, while you were there, what would you say was OTCM's moat when you started? Did it evolve over time prior to you leaving, and where do you think it's going now, or does it exist at all?

The delist from NASDAQ and NYSE part of it, it is what it is. Those companies have nowhere else to go besides OTC, and that's a huge advantage. I don't keep up with the rules anymore about what the delist qualifications are, but I know they were changing pretty constantly, with the bid price requirements and things like that.

On the international side, if one of those larger companies ultimately left, would it be because they decided to uplist to an ADR on the New York Stock Exchange? Once those international companies joined OTCQX, were they happy with the product and resigned to staying with the OTC listing?

You can think of the OTCQX companies as falling into a couple of different buckets. There are the legacy large-cap companies that have been on there forever, like Heineken, Roche, or Adidas. If they were going to move, they probably would have moved by now. Then there are the companies that use OTC as a stepping stone to NASDAQ or NYSE. That's not discouraged; it's part of the process. Some companies view it as a natural step, while others are content to stay. It probably depends on liquidity, capital-raising opportunities, and things like that.