Good morning. It’s a pleasure to be here for today’s roundtable. We have a very full list of topics today so I’ll be brief. I have already spoken several times about the remarkable changes being wrought by the rise of algorithmic trading and the positive impact that I believe our proposed Regulation on Automated Trading will have on market stability. However, I have also said that I believe this regulation is just a first cut and that we may need to update our proposal to ensure that we are appropriately protecting both the financial system and ordinary investors.
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