LOR's pre-crash experiments with sunshine trading were successful: "We made 13 large trades this way ... and it was our belief that, on average, we got better prices." (Rubinstein interview) The goal at that point was to reduce LOR's transaction costs, but after the crash Leland and O'Brien saw sunshine trading as attractive for another reason. Instead of pre-announcing just one trade, portfolio insurers could make known "the table of trades that we would make at various market levels" (O'Brien interview), in effect publishing Gennotte and Leland's it(po).

Donald MacKenzie, An Engine, Not a Camera, loc. 882