Much is made about Eurex's electronic trading platform not being as advanced as some of its competitors. What are your thoughts about its performance and reliability? Is the Eurex technology good enough for market users today?
Alan Zavarro, head of global futures, ABN Amro: We do enormous business on Eurex and we don't hear that Eurex technology is antiquated. Having said that, it is an older system and the most recent technology is always considered the best technology. We are not hearing Eurex is tremendously inferior to the other systems.
Bill McGowan, md, Interactive Brokers: I'm not the best person to comment. But if you look at the changes with e-CBoT, is there enough of a differential in technology for someone to change venue? I'm not so sure that's the case.
Sonny Schneider, chairman, Schneider Group: Yes, it is quite tangibly less good technology but less complex...