We represent companies from around the world who say, "I want to look at Japanese companies. I want to invest in Japan."

JP Morgan always has higher capital liquidity, that is partially to make up for mistakes and problems and obviously its a tough economy. We support an oversight committee, we supported some of the compensation, new compensation rules, though we already follow most of them. We support a lot of it.

Europe is the most complicated place, in my opinion.

We use technology to make it cheaper, better, and faster for the client. And then if you have the most flow, you can win. Now, having said that, Silicon Valley wants to take on this business. They think they see an opening.

If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same.

I've always been a ... believer in good regulation.

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.