mr. gallagher is focused on issues strength.ing our capital markets and has been an outspoken advocate for increasing the commission's focus on fixed income marketedsmarkets. commissioner gallagher. >> thank you very much mr. chairman. it's a real honor to be here. it as little nicer than testifying, i must confess. not that i don't want to do that. no time soon, please. first i have to say as you well expect, my views are my own don't reflect those necessarily of the commission, much to your chagrin, mr. chairman. put but i think this is a hugely important subject. it's a hugely important time to talk about it. three years ago i gave a speech about fixed income markets, muni and corporate marketed talking about some data with respect to the retail participation in those markets to some concerns we were hearing about liquidity at the time. and really putting out a call to action for the commission to spend more time thinking about the structure of the fixed income markets, the lack of transparency. especially in the corporate debt markets. a joke i've been using lately is that since michae