Core Insights - MCAP Inc. has reported increasing institutional adoption of its automated execution protocol aRFQ™, which is part of the QwickRoute platform, now utilized by over 50 institutional clients and 15 liquidity providers [1] - The aRFQ™ protocol has demonstrated high performance, with over 92% of executions in Q4 2025 priced at or inside the National Best Bid and Offer (NBBO), and auctions completing in an average of 1.9 seconds [1] - The platform aims to provide competitive auction liquidity directly within electronic trading workflows, eliminating the need for manual processes and enhancing price discovery across various order sizes [1] Company Overview - MCAP Inc. operates as a public holding company focused on securities trading and financial technology, with its activities conducted through its wholly owned subsidiary, MCAP LLC, a registered broker-dealer [1] - The QwickRoute platform is designed to serve the ETF market initially, with plans for expansion into additional asset classes, providing institutional clients with access to competitive auction liquidity [1] - The company generates proprietary datasets related to auction dynamics and execution quality, offering actionable market intelligence alongside its execution services [1]