The SEC staff report correctly notes, “The extreme volatility in meme stocks in January 2021 tested the capacity and resiliency of our securities markets in a way that few could have anticipated.” U.S. exchanges were able to handle those events successfully as a result of meticulous capacity planning, engineering talent system programming and vigorous testing that allow U.S. exchanges to handle extreme market turbulence, providing a forum for investors to manage their risk and in many cases access the cash they needed in the midst of trying times. The EMA hopes that the SEC will focus on strengthening displayed markets and the value of the public quote they provide for investors.