Why did you, and BSE, decide to get into the options arena?
I got involved before I became chairman of BSE, and was on the board. And, really, it involved a need of BSE, which was to diversify. But, more important, was the way in doing it, which was to create another electronic trading entity. It also included a market structure that Interactive Brokers spoke with us about that really was not present on any other exchanges. We didn't want to do a 'me too' thing. We wanted to do something that is truly innovative.
BOX is also owned by Montréal Exchange, which provides the electronic platform, and a number of brokerage firms. How did you come to choose the partners you have today?We felt that we needed really three things. We needed an exchange and SRO which would form the regulatory basis of a marketplace. We had operated BSE...