Amy led the drive to improve efficiencies, modernized the exchange's financial systems and processes, and helped reinvent our business and pricing models. I am especially grateful to Amy for her invaluable work on the NYSE/Archipelago merger.

The firm's investment banking advisory business, particularly in mergers and acquisitions, demonstrated a strong performance in the third quarter, and asset management continued its steady growth,

You will see more wage growth. The productivity numbers have been so good and the margins have been so good we can easily afford more wages.

Along with most other participants in the financial-services sector, certain key businesses were negatively impacted by the turmoil in the global financial markets, including, in particular, our credit and relative trading activities.

Regulators are in the best position to regulate when they are intimately knowledgeable about the activities they are regulating.

Over time, all of the markets should be combined.

To model correctly one tranche of one CDO took about three hours on one of the fastest computers in the United States. There is no chance that pretty much anybody understood what they were doing with these securities. Creating things that you don't understand is really not a good idea no matter who owns it.

By having a high market share like we have today, we offer the most liquidity and the best prices. If that were to dramatically fragment, you lose the liquidity and the pricing.

I'm very, very gratified by the support of the members. The deal does move us into a globally competitive position.

The NYSE is by far the largest market, it is the most liquid market, we have the best price 93 percent of the time, but one of the things we're not is the fastest. And some of the big institutional customers have said they want the ability to trade quickly and with a high degree of certainty and we're going to give them the ability to do that,