Chicago Mercantile Exchange (CME) has already gone through the process of demutualisation and IPO, while Chicago Board of Trade (CBoT) is on that road at the moment. From a New York perspective, what lessons can you learn on that front from Chicago?
Fred Schoenhut: The first thing I can tell you is that we view ourselves as a much different business to the Chicago exchanges. Not really in the sense that our business interests are different from ours, as they are not, but the Chicago markets are much larger than our markets, they cater to a need of a trader who might need to access markets twenty-four seven. The prognosis for all commodity markets is optimistic so the fact that Chicago did change business models to a for-profit basis and IPO is certainly an interesting path, but for a smaller exchange like ours we have to tread a little bit...