Montréal Exchange has had an increased profile recently and we have seen lots of initiatives from it. Why now?
As you can appreciate, before 1999 we were a stock exchange as well as a derivatives exchange. From 1999 until today, if someone had asked me to frame things I would have said we were in phase one. Now we're in phase two; we have the tools, the knowledge and the capability of expanding our services to our participants.
The most recent move was off-exchange clearing; could you say some more about your plans in that area?
We own 100% of our clearing corporation, Canadian Derivatives Clearing Corp. It operates very well and we have very capable staff there, so the decision was made to explore the possibility and try to enter the world of OTC clearing. I'm sure you know the benefits of OTC clearing by a central counterparty: they're...