Over the past two decades, we have clearly seen an erosion of ethical values.
Our role is to maintain and monitor a framework in which fair competition can flourish.
What must occur is a greater recognition by investors of their individual responsibility.
I think we have got to start thinking about banding together in terms of interested groups.
The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.
One way for investors to protect themselves from a rapid change in the price of a stock is to use a limit order rather than a market order.
Once again, stock markets have been threatened with extinction for almost 75 years, and I have found that stock markets are harder to kill than roaches.
Promoting the interaction of orders remains one of the most difficult, but crucially important, challenges we face concerning our national market system.
It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.
Although the Internet makes it seem as if you have a direct connection to the securities market, you don't. Lines may clog; systems may break; orders may back-up.