Ah, agreed, but we're talking about two different things—direct transaction costs versus allocative inefficiency/missed Pareto outcomes. OneChronos is about unlocking Pareto efficiencies—situations in which two or more parties can trade to mutual benefit. An easy example is a (scaled down in price differences, scaled up in size) version of the complements example above, e.g., an ETF arb trading the basket against the underlying with a small tolerance for tracking error. An institution that can take the basket or the underlying as a hedge or as an investment position can interact with the arbitrager, creating economic gains for both parties in the process. At institutional scale, efficiency gains measured in bps and compounded exponentially add up.