To some extent, the declining relative position of the American exchanges reflects the natural growth and development of exchanges abroad, in London, in Asia and so on. And as those economies, those exchanges become larger, more efficient, deeper, that's actually not a bad thing, because it gives, for example, American companies more alternatives for raising money.
On the other hand, to the extent that business is being drive off shore by high regulatory costs, as was the conclusion of these two recent studies on capital market competitiveness, then that's a problem, and we need to begin to address those costs.
The Sarbanes-Oxley issue that you raised earlier has been cited by a number of these studies, and the SEC and the Public Company Accounting Oversight Board have recently issued a new audit standard which will attempt to reduce the costs of implementing Sarbanes-Oxley's Section 404 on internal controls, and in particular to make it more focused on the most important matters, rather than on trivial matters, and also more appropriate for smaller and less complex firms.
So I think that's going to be an important step in reducing that particular set of costs.