Gary Gensler: “I believe this exclusion should be revised to make clear that it is not available to foreign banks or their subsidiaries…”

That is because--and with all respect, that is because they are choosing to try to not comply with U.S. law.

It seems it is like a chia pet. It looks like a good idea for a gift until you buy it.

The New York Stock Exchange can't actually also run a hedge fund on and trade against their customers.

In fact, we do need to do analysis because Congress mandated it. We have to analyze the efficiency, the competition, and the effects on capital formation.