Mary Schapiro

Under the Dodd-Frank law, the SEC got the lion's share of the rules to write, more than 100 rules, and we have done an extraordinary amount of that. Eighty percent have been either proposed or adopted. So, a lot, a lot accomplished but of course, more to do.

There are no absolutes in this world, and there will always be mistakes that are made within brokerage firms; there will always be people who set out to deceive the regulators and even deceive their own senior management.

We feel no isolation. But, having said that, I want to emphasise in particular that we do not want to go to extremes and abandon the European and American directions in our foreign economic cooperation.