Chris Giancarlo

They oversee a whole structure of disclosure documents and registration to make sure that those insiders share with the public what they know on a regular basis.

And even...

We have to acknowledge it's an imperfect sharing because it only happens every 90 days.

So on day 89, the insiders have, again, all this information.

On day 90, they share it every quarter.

The CFTC has a completely different framework.

The CFTC operates in markets where nobody has insider information.

It's not an enterprise.

It's futures on commodities.

It's futures on metals.

It's futures on petroleum.

It's futures on interest rates.

Nobody knows...

where that's going to go and so you encourage everybody in your markets to bring that information to the marketplace so you share it with everybody for a market structure and you get better price discovery and i believe the reason why these two agencies have always been rivals because the sdc looks over at the cfdc says you guys don't have a disclosure regime and the cfdc says

Why do we need disclosure regime when we get everybody to disclose what they know through the marketplace and then everybody benefits from what everybody else knows?

So it's a completely different structure.

Now, I'll say this.

Our founders believed in divided government.

They said if government is competing with each other, then they're not competing with the citizens to strip them of their freedoms.

And I think the two agencies, because they're in constant competition, have become better.