s just under three hours. today u.s. capital markets which traditionally have been the envy of the world are fractured, vulnerable to system failures and trading abuses, and are operating with oversight blindspots. the very markets that we rely on to jump start our economy and invest in america s future are susceptible to market dysfunctions that jeopardize investor confidence. i want to begin by thanking chairman jack reed, his ranking member senator bunning, and our colleagues on their subcommittee, the securities, insurance, and investment subcommittee, who have already held hearings on these issues. we thank them for welcoming our subcommittee to join with them to shine a light on problems that threaten u.s. market stability and integrity. seven years ago the new york stock a chick predicted york stock exchange accounted for 80% of trade in its listed stocks. today, less than 25% of the nyse-listed stocks are traded there. w