Mary L. Schapiro: “The severe financial crisis that has unfolded over the last 2 years has revealed serious weaknesses in the structure of…”

This year we find ourselves at a critical juncture, and that is because the Congress has challenged us not only to continue our reform efforts.

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.

I think in the first instance, we have got to take care of retail investors. This is really a disgraceful situation in many ways.

The transparency is really the critical piece here because it allows market participants to understand.