I believe, Mr. Katsuyama, that you indicated that the maker-taker system creates a conflict of interest.

But would you rather be in a nonconflicted environment?

Now, we looked at your Form 606 quarterly order routing disclosures for the quarter covered in the Battalio paper.

I look at statistics such as the one that I believe you cited, Senator, that two-thirds of Americans had equities in their account not too long ago, maybe a decade ago, and now it is half; that participation in the equities markets is at a…

And as free of conflict of interests as you possibly can?

But do you think the average investor can make a decision on where a broker is going to get best execution?

Who decides whether an exchange or a wholesaler has provided best execution?

Let me have 10 seconds.

Is there any reason why you should not be required to notify regulatory authorities?

I happen to very much agree with his comments and with the thrust of this report.

If we cannot vouch for who the advertise is, we should not accept the ads in the first place.

Companies today have little incentive to disclose their role or knowledge of a security event, leaving consumers vulnerable and unprotected for potentially months or years.

Have you considered an opt-in approach instead of an opt-out approach?

I am not a tough sell in this area, I want you to know.

I think I have probably missed the first vote already.

How about asking consumers, 'Would you prefer an opt-in or opt-out model?'

Why not give them a third option, an opt-in option to opt in on the type of special interest advertising that you might be interested in?

In other words, if you opt out, those companies can no longer collect information for interest-based advertising for you?

So then if you eliminate all your cookies, nonetheless the opt-out will still function.

the Commission continues to reiterate its longstanding, bipartisan call for enactment of a strong Federal data security and breach notification law.

Putting aside the argument for it, which sounds sensible to me, is there any reason that you cannot do that?

But they are not required to eliminate the data they have already collected----

Now, the opting out, as I understand it, prevents consumers from receiving targeted ads based on existing cookies. Is that correct?

Everything you tell a regulator is not necessarily public, by the way.

The browser technology does not exist.