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

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.

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

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.

The complexion of the markets and the prospects for the firms have all shifted pretty dramatically in the past 60 days. Investment banking was much stronger than normal and no one took August off.