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, which I think they are, profits are at risk when the economy slows down.

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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.

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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 firms.

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