mr. schneiderman always good to see you.ou for joining us. >> good to be here. >> there are people who say this is nothing more than very smart people who have figured out a way to use technology to remove risk from the market for their benefit. how is that insider trading? >> well, the reason we call it insider trading 2.0 is there is some activity that probably does violate existing laws, and there's some activity that doesn't fall within the traditional categories of insider trading that probably should be made illegal. the laws and regulations have to be updated, but i think there's been a lot of hyperbole in recent weeks about this issue. there are some firms and some exchanges that are essentially creating a two-tier system of information flow so that most people are relying on consolidated feed and that's the slow lane but exchanges are selling access to direct feeds to certain companies so they can front run the markets. this is something that has to be evaluated. there may be some violation of existing laws but ther