There have been a number of platform licensing agreements signed over the last few years, including the most recent one between CME [Chicago Mercantile Exchange] and Nymex [New York Mercantile Exchange]. What do you see as the pros and cons of exchanges licensing their platforms?
Simon Chapman, executive director of derivatives technology services, Euronext Liffe: You get to share in development costs and you get to share the distribution, which I think is important. Euronext Liffe, like CME, has invested for over eight years to increase its number of sites and improve the standard of technology we have. Customers don't want ten or 20 exchanges all investing the same dollars to buy the same thing to compete with each other because we already compete on a number of fronts.
Technology is one area [of competition] but I think it is known now that it is about much more than technology....