Mary L. Schapiro: “Absolutely not, and I put out a statement to try and make that quite clear that we do not time our enforcement actions…”

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.

But I would also note that in the Senate Agriculture Committee bill, there is a fiduciary duty that swap dealers owe to pension plans and municipalities, and that seems to me to be a very good idea.

The worst result I think we could have would be for investors to lose confidence generally again, as they did after Enron, in the quality and the integrity of financial statements.

It seems to me that we have to build a system in this country that makes people want to do business here because a race to the bottom will not serve anybody well.