It is competition, above all else, that produces efficiency in our markets over time, and efficiency is a core element of the protection of investors. Ensuring that competitive forces continue to shape our marketplace so that the market's natural genius is permitted to fully unfold. Prepared Testimony of The Honorable Arthur Levitt, Chairman Securities and Exchange Commission for Senate Banking Committee Hearing Tuesday, February 29, 2000. Multiple markets and better technology are the best solution for getting a customer the lowest price. Indeed, experience has repeatedly shown that in a competitive market, private vendors will respond to perceived inefficiencies with a market-based solution.
Fragmentation is no exception.
The technology of today makes a centralized market unnecessary. Imagine the opportunities the technology of tomorrow will bring. Prepared Testimony of Mr. Charles Schwab for Senate Banking Committee Hearing Tuesday, February 29, 2000. Congress and the SEC should permit market participants and SROs to restructure as they think appropriate in response to market forces so long as the resulting structure enhances competition and does not result in monopoly power. We believe that an option market linkage plan should be examined in conjunction with the significant market structure debate that is now being considered by Congress and the Commission.