So you could see what is--there is a lot at stake here, and end-users can't always see these little basis points, but they add up like the grains of sand in the financial sector.

We are absolutely listening and the five Commissioners--the back and forth is working.

it is more informed because Congress tells us what we have to do

Historically I think there is some truth to that. Clearinghouses, though, under the new Dodd-Frank would be far more open, because that is what Congress directed.

I think the threat is the other way. Clearing lowers risk to the whole economy.

The market worldwide is about $600 trillion notional, about a little less than half of that is here, but let us call it $300 trillion.

We are working very closely with the foreign regulators to ensure, as best we can, with different cultures and different political systems that we have consistent regulatory treatment.

the market loses transparency. The market greatly benefits from real-time reporting.

Openness and competitiveness was at the core of what Congress asked us to do in these rules.

I also want to congratulate Chairman Lucas on becoming Chairman of this Committee that is so critical to both the economy and American agriculture.

Proposed rules on margin shall focus on transactions between financial entities rather than those transactions that involve non-financial end-users.

We do not regulate prices or the level of prices, or volatility itself, but we have to ensure that the markets have integrity.