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Theresa Molloy: Okay, Clarke. A question that comes up from many, many, many of our
issuers regarding short sale is -- an issuer will say, well, they've got to disclose everything that's
material in an 8-K as soon as it happens. And institutions who short their stock are not -- don't
have to follow the same type of rigor in reporting that an issuer does.

So, as part of this regulation, do you see that it could potentially impact institutions? And, do
you think that there is a possibility that it -- that institutions would have to file their short
positions on a monthly basis?

Clarke Camper: Yes, that's a great question, Theresa. And, yes, the answer is unequivocally
yes, but that possibility exists. It depends how the SEC ends up interpreting this provision. Like
I said, there's broad latitude. It's Section 929X. And the X shows you that they basically, again,
jammed this in at the last minute, a bunch of provisions, and said, oh, we'll stick them in Section
929 and just give them A through X numbers.

But, yes this is a license for the SEC to do almost anything. And to your point about will it
require institutions to disclose to the SEC monthly, my guess is the disclosures will be much
more frequent than monthly. But then, in fact, the public disclosure will be monthly.

Theresa Molloy: Right.

Clarke Camper: But some -- I would not be surprised to see traders, for instance, have to
report on a daily basis to the SEC. And, again, you would hope that there would be some kind
of tiered -- appropriately tiered reporting mechanism in terms of timing to the SEC, depending
upon what kind of market participant you are. But my guess is it's going to be whoever you are,
if you're shorting a stock, you're going to have to report to the SEC regularly.

Theresa Molloy: Okay. And what about a timeframe for implementation, discussion, looking at
six months, 12 months? We know that wheels of progress turn pretty slowly.

Clarke Camper: Yes, and -- again, a great question. When you read the language, if you're
lucky enough to do so -- I hope you know I'm saying that with a smile.

Theresa Molloy: Well, 2,300 pages -- you've got a long weekend coming up, guys. So, we're
going to put this in NYSE Connect, and I'm sure that all of you will be downloading it and
bringing it for beach reading.

Clarke Camper: Right. It's best if you have trouble sleeping. But you'll see that the SEC is
required just to issue regulations. And so, there are very few cases where they actually give a
requirement. For instance, on the proxy -- I'm sorry -- a chair and CEO position issue, the
number two issue on the slide, that one the SEC was required to issue a rule within six months
after the act.

The others are typically there is no timeline on these. I know that the SEC -- obviously, they're
going to be prioritizing themselves. Clearly, say on pay it's going to be a priority for them --
something they care about and are going to get out. Proxy access is going to be the same way. I
expect that there are going to get those things out quickly.
But, yes -- so, in some cases, the wheels are going to turn quickly, other cases, not so much.

But the takeaway I would say is, again, if you care about any of these provisions -- all of them
are important. You can't assume that you can sit back and get to these after -- right after your
summer vacation; you really should jump on them right away.
http://www.nyse.com/pdfs/ViewWashingtontranscript.pdf