Icap announced it was building a global FCM business in February 2004 [under previous futures head Humphrey Percy]. Can you update me on where the firm is in the development of that business?
I've been on board for six months. When we started, we had a very good execution desk in London with about 15 people. That's now up to 18. So London was always in good shape in terms of brokers and adding new people and I want to continue to do that.
This time last year we had nothing in North America. Now in North America we have 15 people - including myself - in New York and Chicago. We have two people on the Merc and two people on the Board of Trade, and we hired two options experts from Refco in New York. We also have three interest rate brokers in New York and that's done...