I particularly want to thank Ryozo Himino, our new SRC chair, for his leadership in highlighting these issues; his remarks and efforts around market fragmentation are especially timely, as we begin the difficult task of examining the post-crisis reforms.
I also want to recognize and thank Sir Jon Cunliffe, for proposing a workshop where we can explore these issues together; as he recently said, quoting Ben Franklin, “we must all hang together, or most assuredly, we shall all hang separately.” 1 Finally, I want to thank the leadership and staff of the Federal Reserve Bank of Philadelphia, for not just accommodating us, but making us feel welcome in the nation’s first capital.