liebowitz. welcome. >> good afternoon, chairman. members of the subcommittee. on behalf of our company and shareholders i would like to thank you for giving me the opportunity to testify today. for 219 years we've been one of the world's premier companies for trade, commerce and free markets. we're committed to maintaining the iconic stature and that's why i'm here today to talk about the future of our business. we at nyse appreciate the subcommittee's interest in our proposed merger with deutsche boerse. we're grateful for a chance to talk to you about it today and answer any questions you have. one we believe is critically important. we know what the new york stock exchange means to all of us as americans. for more than two centuries businesses have come to us to expand their businesses, create jobs and invest in new ideas. it's also a place where americans can invest in great american companies and retirements grow. the facade of the new york stock exchange is one of the most recognized emble

what chairman liebowitz is saying is economics 101, which is to say it is efficient. if you're the 20% that wants to run a music server, that is okay. by you should pay more for that consumption. -- but you should pay more for that consumption. and the family that is just checking web pages and e-mail, they should pay less. he has an antitrust thinker and i am, too. and that is a sufficient answer, one would say. there is a limited amount of capacity and you have to manage the scarcity. the market answer is always the same, differentiate the price. we do it every other single plot -- every single other place in the economy. when the road is congested in washington d.c., if you are willing to pay you get to go into a lane that goes a bit faster. this is a government program. and if the road gets more congested, they will charge you even more to go in the fast lane. it is the same theory. >> a ride public transportation. >> and the key is to make sure that the low end still has a meaningful choice. >> our time is running out pretty quickly. your first year in this job w

larry liebowitz. the honorable mr. davis and his wife, ms. olivia morgan. mrs.and his wife, mrs. karen guverman. mr. robert sparks and a guest. mr. a.j.baeon and his wife ms. kate field and her husband. the honorable norman mineta and his wife, mrs. veni mineta. and mr. jeremy alters and guest, mrs. liana geriol. mr. richard faunte and his wife, mrs. jenine faunte. mr. robert but -- bucini and his wife, mrs. elizabeth bucini. mr. haywood yan and his wife, mrs. yan. >> it's great. no better place. i was here years before at an architecture group. >> nuremberg? >> yes. >> the honorable john roberts, chief justice of the united states, and his wife, mrs. jane roberts. ms. darlene miller and her guest, ms. terry lee strauss. the honorable senator jeanne shaheen and her husband, mr. william shaheen. the honorable austin goolsby and his wife, mrs. robin goolsby. ms. lisa budmoon and her husband, mr. mark kastoler. mr. doug hickey and his wife, ms. dawn ross. ms. susan eisenhower and her guest, mr. bucky clarkson. the honorable senator daniel coates and his wife, mrs.

liebowitz. welcome. >> good afternoon, chairman. members of the subcommittee. on behalf of our company and shareholders i would like to thank you for giving me the opportunity to testify today. for 219 years we've been one of the world's premier companies for trade, commerce and free markets. we're committed to maintaining the iconic stature and that's why i'm here today to talk about the future of our business. we at nyse appreciate the subcommittee's interest in our proposed merger with deutsche boerse. we're grateful for a chance to talk to you about it today and answer any questions you have. one we believe is critically important. we know what the new york stock exchange means to all of us as americans. for more than two centuries businesses have come to us to expand their businesses, create jobs and invest in new ideas. it's also a place where americans can invest in great american companies and retirements grow. the facade of the new york stock exchange is one of the most recognized emble