you want to comment on nanoj narang's comment? you do not need to have any capital to send ordinance. you send in the order, the orders are not even seen. you only need the money the next day, when the broker gets these end says where is of the money? in this scenario, there is a lot of money there because the trader holds the london. even if there isn't money it is discover this shouldn't have happened. that is why naked access is a problem. these should be screened. >> let me go through your remedies. i am over my time. this may take a few minutes. i am happy to come back. to the remedies. whether it is plausible, implausible, possible, or at least that much, there are a number of remedies that mr. peterffy suggested. one of them is the ability to submit orders to exchanges should be restricted to brokers that are clearly members. that is one of the suggestion that you make. i wonder if anybody wants to comment on that and also on the other suggestion it relates to this, brokers who were not members of the clearing house are all

nanoj narang is right that that mandatory liquidity has not stepped in the way of moving trains but kevin is also correct that those trains with certain circuit breakers can only move so far so as policy makers continue to analyze the place of frequency traders in the marketplace and analyze the trade off of liquidity and volatility, one of the aspects that has to be looked at is how productive is the liquidity and how can you put some mandatory obligations back? .. >> the other point i think that emerges is that this juncture the regulators don't have the ability to understand, even with all of the data, these different strategies. and that their focus should be on, i'll say the unfortunate strategies or the reverse strategy, and quickly, isn't that a fair summary of what you think we are? >> first of all let me say that i certainly agree that there is high-frequency strategies that perhaps have less social utility and others. i don't know the high-frequency strategies that are in use over that any hypothetically conceived of that are destabilizing to the market system in some way. the r