Gary Gensler: “Based on Bank for International Settlements data, it is somewhere in the order of nine or ten percent of notional amount…”

Actually, sir, we follow the mandate. In 1996, Congress put in our statute that we had to do economic analysis, and we follow that.

I think that the Congress' wisdom was to have an agency to oversee disclosure-based markets where issuers are asking the public to buy and sell their securities.

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.

We only make information as a result of any investigation public if we either settle or bring charges in competent courts.