The increase in OTC trading is a concern to the exchanges and regulators, with on-exchange equity transactions at an all-time low 56.8%. While the SEC's 2005 Regulation National Market System (NMS) was the marquee regulation triggering this slide, there's been a constant dialogue between exchanges and regulators over the value of price discovery, or the ability of markets to determine an accurate price. As more trading moves over the counter, the level of pre-trade transparency declines. We believe exchanges will use this growth to pressure the SEC to restrict this type of trading, like they've done in Canada, Europe and other markets.