One size does not fit all in any regulation. When it is clear that the smaller companies are bearing a larger part of the burden, then it really has to be addressed. I don't think that was the intent of the legislation.

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A growing percentage of trading closed-end funds is occurring electronically and away from the exchange floor. NASDAQ is well designed to trade closed-end funds. NASDAQ's electronic trading is efficient, translating into excellent retail investor access. And NASDAQ Market Makers are well qualified to address the nuances of trading closed-end funds.

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We have been very aggressive.

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We have done well in China . They think once they are on the Nasdaq, they've arrived.

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