So you are saying it is just a mixed fund at this point, and it was never a high-frequency trading fund primarily or exclusively?

Confidence in the market seems to be going down.

I think the exchanges are working toward improving those situations.

When a company can claim to be trading on stocks and come out ahead 1,237 days out of 1,238 days, you can see why some people think the game is rigged for the big buys to make money and everybody else to lose.

Fifteen percent is not a good number. And this matters because people are not going to invest in the stock market if they do not trust it.

If you are buying a stock and turning it around and selling it within a minute, within a second later to someone else, how does that provide liquidity to the markets?

Lack of trust in the stock market means less capital for growing companies, slower growth in the economy, slower job growth.

But I at least want to ask the question how it is that--this is the principal claim for high-frequency trading, is that it provides liquidity in the marketplace.

I do not think we can overstate the importance of investor confidence, and that means investors have got to believe that these markets work.

SEC Chair White's plan for a holistic review of the equity markets.

So you are saying you do not do high-frequency trading?

high-frequency trading is not really trading in the traditional sense.