chart one shows that the emini s.e. be moved in tandem with the s&p 500 index. at 1346, the market attracted liquidity and de-balance. chart to chose price movement in the emini s and p movement in addition to other stocks. 3m stock moved quite rapidly. you see the market and the emi ni and s&p reverse. we have developed systems that maintain integrity in our markets including a number of controls to protect market users such as logic function mali, price bending, -- price banding and circuit breakers. on may 6, the stock price logic triggered the system allowing the market to locate the quiddity and stabilize. we have seen no evidence that high-frequency or other spas of a trading practices magnified the decline on may 6. our market indicates that the high frequency traders in our market provided liquidity on both sides of the market. we commend the commissions on their swept response and looking for it -- and look forward to working with them to find constructive solutions. we are pleased and concur with those recommendations seeking harmonization across the n

cause under our act to information to large participants there are about 250 participants in this emini contract during the course of the critical 20 to 30 minutes. we have been investigating most closely the ten largest shorts and ten largest longs in that market but we're looking at others as well. i think that it was sort of the tour but lens in the skies added with a lot of signals that were coming in that markets do work on, as they say, fear and agreed and in those critical moments i think in a sense the fear took over. there was a second factor that individual stocks were breaking further down and that's an issue that's -- we're talking about. >> mr. chairman, if i could add we've fully integrated our enforcement group as well into the analysis and they have sent out a number of subpoenas so that we can look at particular activity in very gran null detail and of course if there's anything there we will be fol hadding up on it. >> we have passed in the house the regulatory reform bill now pending in the senate and being acted upon. there have been some individuals, particularly se