If people don't like the rule, they don't like the rule. But if you look at the implementation... I think the notion that people are going to be scared away from doing market making because of an excessive rigidity has no real foundation.
Frank defends the rule's implementation and its impact on market making.
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The problem was not so much that we deregulated as a society, but that we did not have new regulations to keep up with new activity.
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