My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.

Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.

If you were a corporation needing financial services, and I can give you something better, faster, and cheaper across 12 products as opposed to eight, that's business. I'm doing it because I'm serving you; I'm not doing it because I want to be universal.

The United States has the best, deepest, widest, and most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. That is a good thing.