What has been the thinking behind CME's recent activities in Asia?
We have been involved in Asia for quite a long time now; we've been in a partnership for the Eurodollar contract with SGX [Singapore Exchange] for over 20 years and successfully created an extended trading day for the Eurodollar market long before there was electronic trading and global distribution.
We have many interests in Asia. Firstly, we believe it represents a market for our global benchmark products for risk management and in that regard even with the MOS arrangements we believe we have barely scratched the surface. There's a growing interest in risk management and trading financial products in Asia and this trend we feel will accelerate.
Secondly, we think there are opportunities over time to develop new benchmark products targeted at Asian customers. Our current suite of products having global appeal is one thing but they can be...