There has been more capital-markets activity than anticipated and the pickup in volatility has helped proprietary trading revenue.
Corporate bonds are being driven by a desire to lock something in before rates go higher.
We effectively have a bull market in regulation, the likes of which we haven't seen since 1934 to 1940. The industry is fully committed to compliance ... [but] our industry really needs effective rules administered efficiently.
We're still in the upswing of one of these long M&A cycles, which tend to last several years. M&A growth will probably be up 15 to 20 percent next year.
We need to look at that. Were they [international investors] to lose interest, it would also have an impact on our exchange markets and equity markets simultaneously.
Every additional legislative and regulatory requirement creates a new cascade of falling dominos.