Mary L. Schapiro: “If people understand in the marketplace the institutions will be unwound, they will be permitted to fail.”

I think in the first instance, we have got to take care of retail investors. This is really a disgraceful situation in many ways.

I believe we need a deeper understanding of the strategies and activities of high-frequency markets and traders and the potential impact on our markets and investors of so many transactions occurring so quickly.

We think the budget increase is really essential, given the additional responsibilities that the agency is taking on under Dodd-Frank and under the JOBS Act.

Absolutely not, and I put out a statement to try and make that quite clear that we do not time our enforcement actions by the legislative calendar or by anybody else's wishes.