To what extent has the increase in algorithmic trading affected exchange technology?
Gerhard Lessmann, member of the executive board, Deutsche Börse Systems: Algorithmic trading has basically had two affects on us: one is increasing quotation volumes and the second is a request for low latency and complete information from the customer side. In 2005, we had a tenfold increase in quotation volumes at Eurex. I think we have dealt with that successfully. Our expectation is that the increase in quotation volumes will continue and so we are preparing measures to deal with this and we are also continuously working at getting latency further down.
Jim Krause, CIO, Chicago Mercantile Exchange (CME): I would echo almost everything that Gerhard has said. Not only do we see algorithmic trading in options, but we also now see a lot in the Eurodollar marketplace - with all the implied functionality we see, it is...