It's a very smart investment. By and large, customers want the ease of access and the ability to do research during the off-hours.

When you look at [Merrill] vs. a year ago, during all the stresses in the financial system in August and September, they refocused their risk management capabilities.

Morgan Stanley has a leg up because they've been there and done that. The Lombard acquisition was really a perfect edge for them in that it gave them a nice window into the world of online trading.

An element of it is investment driven but our research has found that most of it is from incredibly wealthy people who have done their homework and have become incredibly sophisticated buyers in a short space of time.

Our view is that the framework provides regulators with the ability to provide appropriate incentives to risky investment in infrastructure both to incumbents and challengers.

One of the biggest barriers research and academic institutions face is the ability to get discoveries made in the lab into clinical testing. The new Exploratory IND guidance emphasizes the flexibility available to researchers when conducting early clinical testing of these cutting-edge treatments. As we enter the era of personalized medicine, these exploratory approaches enable scientists to take full advantage of new technologies to target the development of more individualized therapies.