The benefits will go to those that trade in size. But there's no doubt retail investors will benefit.

Pressure will start coming again from the industry when it becomes clear that it could cut their regulatory compliance costs by having to deal with fewer regulators.

He made some mistakes on the growth side.

I think whatever feelings they may have about the situation, each regulator is going to apply its own rules.

It's the U.S. securities market's way to get back business we've lost.

The more securities you can get on a single platform, the more money you make.