The BoTCC - Eurex deal is one of the most high profile moves in the industry this year, can you describe how the deal came to fruition?
A lot of it is related to BoTCC's business model, which has been in place for several years. That is, as an independent clearing organisation. It's a model that is thought highly of by the industry and clients. And that's opened up the door for BoTCC to be approached by many interested parties who are looking to clear and process a product. So it's not surprising that Eurex and others come to us and want to utilise our services.
Given the CBOT deal to clear with CME, was the Eurex agreement a 'must' deal for BoTCC?
Any organisation can survive in some form. But I don't think anyone on the board thought of the Eurex deal as a 'must do.' It certainly is a...