You've been a pioneer in building financial futures markets. What are your thoughts about the Chicago Mercantile Exchange (CME) acquisition of Chicago Board of Trade (CBoT)?
I think this is a good thing. It's a smart move and an integral part of the consolidation of the exchange sector we're seeing worldwide. This is an inexorable trend that is creating global players in the space. I think it's smart from the point of view that there should be enormous efficiencies to be gained.
When looking at the bigger landscape of exchanges, we're seeing more consolidation of course. But what will the stock, options and futures exchange space look like in the coming years?
I think from a macro point of view that this is no different from the consolidation that's gone on in the last 20 years in the banking sector. Ultimately, the model is that you create large-scale banks and...