Below are excerpts from John Thain's written testimony:
Our goal is not a victory for one market over another, but, rather, competition among markets to create the best possible national market system for all investors, with one deep pool of liquidity. This policy is both the fairest for all, and the surest way to keep the United States in the forefront of global competition. A fractured market that betrays the interests of investors and that puts our capital market leadership at risk would be a pyrrhic victory at best, and a major loss for America.
As we move forward, let us be guided by the principles that were designed to protect the public good, and that have enabled our national market system to become the world’s best. Technology has changed since the national market system was created, and the trading choices available to investors are different. But these principles are every bit as valid, and as vital, today as they were at the origins of the NMS.
To read NYSE CEO John A. Thain's complete written testimony please click here.
