Some regulators contend that multiple equities exchanges are creating too much complexity and giving rise to market manipulation. Gregg Berman of the Securities and Exchange Commission disagrees. "One of the things I've been concerned about is when people talk about fragmentation: 'There are too many markets.' So how many should we have?" Berman said at a SIFMA conference. "And if the answer is, 'Not one,' then I'm going to push back. So if someone says, 'Just three,' why is three better than 11?"