What have you been doing since leaving CME in May?
I've been talking to exchanges, ISVs, market makers and specialists about the evolution of electronic trading. We've discussed what to expect as a product goes electronic and how to succeed through the migration.
Is this more on the options side or equities side?
More on the cash equities side.
So how are you finding the futures markets versus the cash equities markets in terms of their technological development?
Chicago-based futures exchanges have transitioned more quickly than US equity exchanges. A lot of things the Merc and Board of Trade have done are things the equity exchanges are just starting to do today. Most of the CME and CBoT financial futures are predominantly electronically traded. Customers who trade equities want that same kind of revolution to take place in their markets.
Why leave CME, a company that has performed above most...