When you walk into a store and you want to buy something, you give them cash and they sell it to you. But very often, you walk into our "store" and you want something - a credit card, maybe, or a loan - and very often the answer is "No," even if you're a large corporation.

I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

Most CEOs are patriotic and most CEOs can see the problems in front of them, and they want to do something about it. We don't always agree about the ways and means, but the objective? We're totally together.

I know the President [Barack Obama]. I like him and respect him. That does not mean I agree with all of our government's policies, whether they come from Democrats or Republicans.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

The best way to look at any business is from the standpoint of the clients. So there are these certain basic things that aren't going to change. Companies are going to have needs for equity, debt, advice, FX, and derivatives. Individuals are going to have needs for auto loans, mortgages, something that looks like a deposit account, and the ability to send money to people. Those things aren't going to change.

The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.