Yet another record volume year for the US options industry and OCC with over 2bn contracts traded and cleared. In your opinion what is driving that growth and what role does OCC play in helping expand the business?
It's being driven by a number of factors. The enhancements to the structure of the industry has been evolving over the past ten years and made the equity option market the deepest and most efficient market in the world. The competition among the exchanges to better their products and their offering and reduce the friction in the marketplace has helped too. Options are not only more accepted but a well-structured portfolio should have options within the portfolio. It's the combination of those elements which has driven the volume.
As the industry has grown and evolved, how has OCC changed and adapted over the years?
With the marketplaces becoming more efficient, and...