I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.

When the government gets involved in pricing, I don't think it's the right way to look at a business.

My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.

Part of [Japanese companies] growing and expanding around the world is ... going to help the Japanese keep their lifestyles [despite Japan's] demographics, as a declining population, and [to] make it more conducive to women to go to work, I think, is a plus.

Look, in any system, you want highly ethical people who really understand issues to form policies and make tough decisions. You need all the right people in the room. But there's a general view in Washington now by many politicians that if you ever were on this side, you're conflicted for being on that side.

We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.