CME is the darling of Wall Street these days, posting record volumes and revenues. How would you rate or characterise CME today?
I would characterise CME more as a global financial services company recognised for innovation and executing a global growth strategy. That's how I look at CME right now. It's interesting that you use the term financial services company, because most people think of CME as an exchange.
I look at third party processing as a big part of CME being a financial services company. That makes us unique from every other company, having that [clearing] agreement with Chicago Board of Trade [CBoT], rather than just as a pure exchange.
CME is perhaps the most cash rich exchange right now, holding about $883m in working capital. Are you still actively looking for acquisitions or mergers? Or is a special dividend a possibility?
I'll cite what we said back when...