Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology.

The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.

It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.

Arthur Levitt Quotes