Good morning. I want to welcome everyone to today’s meeting and to thank both the members of the Committee and our panelists for taking time out of your schedules to be with us today.

We have a busy day before us—three panels on pre-trade transparency and a draft recommendation related to electronic trading venue regulation.

The panels today are addressing a very important topic—transparency. As you all know, transparency is critical to a well-functioning market. Information is, after all, the grease that keeps the machinery of trading moving. I am extremely interested in hearing your best thoughts on how we can best facilitate transparency in the fixed income markets.

I am also interested in hearing everyone’s thoughts on the Technology and Electronic Trading Subcommittee’s draft recommendation on oversight of electronic trading platforms for corporate and municipal bonds. In particular, I am interested in your views on the appropriate oversight of this important marketplace. How should it be regulated? Is there a need for differentiated regulation?

I look forward to today’s discussion. And, once again, thank you for coming to today’s meeting.