Corporate bonds are being driven by a desire to lock something in before rates go higher.

I think that there is a desire on the part of the city and county to do something special there.

Every additional legislative and regulatory requirement creates a new cascade of falling dominos.

We effectively have a bull market in regulation, the likes of which we haven't seen since 1934 to 1940. The industry is fully committed to compliance ... [but] our industry really needs effective rules administered efficiently.

There has been more capital-markets activity than anticipated and the pickup in volatility has helped proprietary trading revenue.

We need to look at that. Were they [international investors] to lose interest, it would also have an impact on our exchange markets and equity markets simultaneously.