mr. lebowitz, or whichever one of you feels like you're best equipped to answer that. >> sure. i'll start and then mr. katz can chime in here. in this case, the s.e.c. provides a consultative and advisory role. answering questions as to how the industry functions and what the s.e.c.'s role is in regulating the industry. and how they, that would affect the resulting competition. so the doj leads the investigation, asks a lot of questions, gathers information. >> and they're the ones that actually make the final decision about whether this is anti-competitive, antitrust implications. but they get input from the securities and exchange commission. and you said that you were submitting a bunch of paperwork and answering a bunch of questions from various agencies. 30, 40 you said. in response to mr. conyers question. do any of those agencies do -- what are you submitting to them and under what authority are they asking you for information? >> sure. each of our regulators wants to make sure particularly when there's cross-border or cross-country aspects going on, that the proper regul

mr. lebowitz, or whichever one of you feels like you're best equipped to answer that. >> sure. i'll start and then mr. katz can chime in here. in this case, the s.e.c. provides a consultative and advisory role. answering questions as to how the industry functions and what the s.e.c.'s role is in regulating the industry. and how they, that would affect the resulting competition. so the doj leads the investigation, asks a lot of questions, gathers information. >> and they're the ones that actually make the final decision about whether this is anti-competitive, antitrust implications. but they get input from the securities and exchange commission. and you said that you were submitting a bunch of paperwork and answering a bunch of questions from various agencies. 30, 40 you said. in response to mr. conyers question. do any of those agencies do -- what are you submitting to them and under what authority are they asking you for information? >> sure. each of our regulators wants to make sure particularly when there's cross-border or cross-country aspects going on, that the proper regul