Everyone says we're in the capital markets business. The truth of the matter is, we're in the trading business. Everyone is trying to get that edge.

It's going to be tough at the NYSE for a while because he's going to be more progressive than most of the establishment. He's not a hometown boy. For the industry's sake, I hope he sticks it out.

There's no question it's going to be frustrating. He's used to calling his own shots, and he's not going to be in that position.