mr. peterffy suggested.e of them is the ability to submit orders to exchanges should be restricted to brokers that are clearly members. that is one of the suggestion that you make. i wonder if anybody wants to comment on that and also on the other suggestion it relates to this, brokers who were not members of the clearing house are allowed to send orders directly to an exchange with the arrangement of a clearing member broker. auld these 5,000 brokers are not members of the clearing house to send orders directly and you would prohibit that. there are two suggestions now. prof. angel, what do you think of those ideas? >> there are a lot of subtleties involved with the proposal to ban anyone but clearing members from putting orders directly into the exchange. given the economy, there has been quite a consolidation of business. that would limit direct access to the very largest wall street firms. do we really want to encourage that kind of consolidation in the industry? that is one thing to think about. also, i

mr. peterffy, you want to comment on mr. narang's comments. >> yes.o have any capital to send an order. the orders are not seen by the broker. you only need the money the next day. that is when the clearing broker gets the trade and he says, where is the money? in this scenario, there is a lot of money there. i enter the profits as the trader sells them down. even with money there, it is too late the next day to discover that all of this should not have happened. that is why naked access is a problem. that is why these trades should be screened. >> let me go through your remedies. i am over my time? >> you are fine. >> this is going to take a minute. i am happy to come back. i want to go through the remedies and if it is plausible, possible or at least that much. there are a number of remedies that mr. peterffy has suggested. one of them is the ability to submit orders to exchanges should be restricted to brokers who are clearing members. i wonder if anyone wants to comment on that and also on the other suggestion that relates to this. it is that brok

mr. peterffy? >> we see that happening all the time. but i do not believe that that should be such a great concern. i mean, it is bad but we have much, much more situations to do with with at this time. i'm suggesting here that each broker keep on record the identity of a person associate with each order, so if there's any order, that is the discretion of all it can be very easy collected either regulators from the different exchanges and correlate your submitter by name. >> let me call professor angel before i go back to that point. do you have a comment on my last question, about whether or not you believe that the manipulative same day trading between platforms exist? >> well, there are two types of manipulation. there's the old fashion manipulation by order ignition where you dump a big sell order in the market, try to push the price down to scare other people, and trigger all the stockholders. that doesn't really depend on the platform. and, indeed, a lot of traders don't pay any attention to the platform. you know, they just send