mr. ratterman, then mr. brennan and then mr. quirk. kindly thank you all for being with us. >> chairman levin, senator johnson, we appreciate your interest in regulatory structure of the u.s. capital markets. my name is tom farley and i'm the president of the new york stock exchange. i have been in the business of running exchanges for most of my career, including as president and coo of vice futures u.s., formerly the new york board of trade. as market operators, we have come to the view that the u.s. equities market is highly fragmented, making it overly complex and opaque. the regulations and structures in place today incentivize participants to make it more complex and more opaque. numerous surveys have shown that this structure does not contribute to investor confidence or high systems reliability. as the dominant rule setting the boundaries of equity market structure, regulation set out to accomplish several objectives. the first was to increase competition among markets and among orders. while the rule did an excellent job incre

mr. ratterman, i will give you a chance before we ask you to comment or react to that, you said earlier this year i believe that the business offers incentives for customers to be in their ecosystem all the time. who are the customers that you are referring to, are they brokers click >> yes or customers are all brokers. now let me ask you could give yoco give youthe opportunity too mr. farley's testimony. >> in the firm we don't be leave that therbeliefthat there shouln the make or take. we are certainly open my answer stems from the potential benefits and the spread of reduction that make or take may have produced over the last ten or 15 years. not for any commercial purpose about the way that we were in the exchanges in the business of the matching of the buyers and sellers in the fair and orderly markets when we have a trade we are going to -- we are going to deserve the revenue for the trade as it happens. how he do that come it is today a significant amount of flexibility and i believe that flexibility has allowed for innovation and pricing and market and incrementally the rebates are o