SPEAKER INDEX CONTENTS INSERTS BAKER 1 3 6 10 11 12 13 15 18 19 20 22 24 25 27 28 29 32 34 37 40 44 47 48 49 BRITZ 37 49 BROWN-WAITE 24 25 COLBY 6 12 13 14 15 16 17 18 21 22 23 24 25 26 29 30 31 33 24 D'AGOSTINO 3 4 11 12 20 21 27 28 29 31 32 33 EMANUEL 22 23 GREEN 44 49 HARRIS 26 HART 20 21 22 INSLEE 27 ISRAEL 29 31 KANJORSKI 2 13 14 15 47 48 KETCHUM 35 KITTELL 41 MALONEY 19 20 MANZULLO 32 33 34 MCCARTHY 18 19 OSE 16 17 18 RENZI 28 29 SCOTT 25 47 48 CONTENTS SPEAKERS INSERTS STATEMENT OF DAVI M. D'AGOSTINO, DIRECTOR, FINANCIAL MARKETS AND COMMUNITY INVESTMENT, U.S. GENERAL ACCOUNTING OFFICE PAGE 3 STATEMENT OF ROBERT L.D. COLBY, DEPUTY DIRECTOR, DIVISION OF MARKET REGULATION, SECURITIES AND EXCHANGE COMMISSION PAGE 6 STATEMENT OF RICHARD G. KETCHUM, PRESIDENT, NASDAQ STOCK MARKET PAGE 35 STATEMENT OF ROBERT G. BRITZ, PRESIDENT AND CO-CHIEF OPERATING OFFICER, NEW YORK STOCK EXCHANGE PAGE 37 STATEMENT OF DONALD D. KITTELL, EXECUTIVE VICE PRESIDENT, SECURITIES INDUSTRY ASSOCIATION PAGE 40 STATEMENT OF MICAH S. GREEN, PRESIDENT, THE BOND MARKET ASSOCIATION PAGE 44 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING