Mary L. Schapiro: “I believe we can all agree that very few if anyone was able to effectively identify where the systemic risk resided in…”

I believe we need a deeper understanding of the strategies and activities of high-frequency markets and traders and the potential impact on our markets and investors of so many transactions occurring so quickly.

Absolutely not, and I put out a statement to try and make that quite clear that we do not time our enforcement actions by the legislative calendar.

We have worked tirelessly to make the SEC a more vigilant, agile, and responsive agency over the past 2 years.

Thanks to the strong support that this subcommittee has provided, the SEC has begun to rebuild that confidence by making needed and significant changes to virtually every aspect of our operations.