Interview: Daniel Roth, president and ceo NFA

Let's start with the NFA agreement and its recent affirmation by the board of directors to handle self-regulatory oversight services for Eurex US. What does that agreement actually entail?

The basic service we will be providing involves trade practice and market surveillance activities on behalf of Eurex. So basically, NFA is acting as a second set of eyes for Eurex. It would not be engaged in their direct market supervision activities. The NFA surveillance is on a T+1 basis where all of the trade data will be sifted through our computer programs to look for anomalous trades or trading activity that brings up suspicion about what is in compliance with Eurex rules. That's the main service we see us performing for them. It's trade practice/market surveillance as opposed to market supervision.

I should also point out that there are a number of activities that will not be covered...