People say consolidation amongst US options exchanges is inevitable, but there are still six of them. What do you think about that and what might CBOE's role be?
On the first part, consolidation normally occurs when business is not good, but [options] business is very good so people are able to maintain each of the entities on a stand-alone basis. Though of course what you're seeing now is New York Stock Exchange [NYSE] getting back into the options business after an eight year absence via the merger with Archipelago and Pacific Exchange, which is an interesting development. If you look at the history of the options business in the US, there have been others who have existed in the past who have now gone: NYSE, Chicago Stock Exchange and NASD. So things have changed over time.
What I think will cause change more than anything else will be the move...