Good morning. It’s a pleasure to be here today for a meeting of the reconstituted Technology Advisory Committee. The Committee clearly has its work cut out for it today so I’ll be brief. As I have said before, changing technology is causing a sea change in how our markets operate, and that’s particularly true of the three issues the Committee will be discussing. I have already spoken several times about the remarkable changes being wrought by the rise of algorithmic trading and the positive impact that I believe our proposed Regulation on Automated Trading will have on market stability. However, this regulation is to me only a first cut. If our new rule is failing to address aspects of algorithmic trading that pose systemic risks or pose undue risks to ordinary investors, I am absolutely willing to take additional steps to craft additional, appropriate regulations on this nascent technology. In that regard, I am very much looking forward to the Committee’s thoughts on our proposal, including whether we have over-reached or even under-reached.
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