When you look at [Merrill] vs. a year ago, during all the stresses in the financial system in August and September, they refocused their risk management capabilities.

It’s a very smart investment. By and large, customers want the ease of access and the ability to do research during the off-hours.

Morgan Stanley has a leg up because they’ve been there and done that. The Lombard acquisition was really a perfect edge for them in that it gave them a nice window into the world of...

As long as they stay in that logical band, investor confidence should remain high.