Our purpose, as we face these challenges, remains clear - fair and orderly markets that allow for efficient capital formation, while protecting the interests of investors.
Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology.
I worry the best execution may be compromised by payment for order flow, internalization, and certain other practices that can present conflicts between the interests of brokers and their customers.