In late April, when a colleague from Bg in charge of the stock business strategy discussed stock business strategies with me, I suggested that Bg could adopt the direct-to-broker model. The main reason is that with direct-to-broker, orders go straight into the Nasdaq and NYSE order books, offering virtually unlimited liquidity. Another point is that the 'introducing broker + white-label model' is also a mature business model. Platforms like Tiger and Futu used this model from their inception all the way to their IPOs, which took six to seven years. Yesterday, this was also discussed here: https://(x.com)/qinbafrank/status/2058463062227820570?s=46&t=k6rimWsEbo2D2tXolYcM-A. I didn’t expect BG to act so quickly—looks like many exchanges will likely follow this model soon.