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.

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

Something needs to be done here.

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

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.

All right. I am out of time. Thank you, Mr. Chairman.

I think the exchanges are working toward improving those situations.

Does that mean they're not reporting data, either? Do they report data to you?

Actually, then, let me switch it over to Ms. Lhamon. Do you use these data as part of your enforcement strategies and designing your enforcement strategies?

And do you make all of those reports public when you do these analyses? Are you putting them out there, making them public?