What's your view on how Eurex US has gone a year down the line?
We are implementing the structure that we have shared with our customers from the start, which includes Eurex US and the global clearing link phase one and two. We have implemented phase one, which has brought us increasing interest from US market participants to join Eurex in Europe. We've had hedge funds joining for the first time and that's a very interesting development for us as we reach out to US customers and make it even more attractive to trade on Eurex.
In retrospect, would you reconsider the decision to launch Eurex US before the clearing link was ready?
We are rolling out the programme as anticipated. We would certainly have loved the clearing link to be available immediately; that was not possible. We are making services available to our US customers - that's in the...