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The Concept of the Operating Philosophy

OnlyOnce

A useful way to think about these three legs of the stool is the analogy of government (bear with me on this and pretend like our government in the US isn’t quite as dysfunctional as it is at the moment). Our Operating Framework is the Constitution – it lays out the broad contours of what our government does.

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U.S. Senator Edward Kaufman– Market Structure at the Root of U.S. Equity Crisis

Pascal's View

I applaud his important leadership in this complex and critical area. Lost in this reflexive defense against meaningful government review, however, is a more overarching concern: the integrity of our capital markets, which are now too fragmented, too opaque and well beyond the effective surveillance of the Securities and Exchange Commission.

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