Already, you’re seeing some of these prop desks acting as if they were a hedge fund. And the hedge funds will go elsewhere to execute orders if that becomes the focus for the Wall Street...

These events are definitely a wake-up call for the exchanges to make sure their technology is the best it can be. These kind of things can really feed a cycle that can affect investor confidence.

You look at Morgan Stanley and its peers, you see a lot of reliance on their proprietary trading desks and a willingness to take on more risk. If the markets are reaching a cyclical peak,...

Consolidation has been the rule, not the exception.