American firms have gotten over their anxiety about India. Now the new anxiety is if you're not in India.

The level of anxiety for this game is off the scale.

...Anxiety and panic happen to be mundane phenomena, i.e., even when they are caused by extraordinary things like war and rape, they tend to occur when things are ordinary and predictable and relatively stable, against a backdrop of normal, everyday experience. This, of course, is one of the features of anxiety and panic that make them suck so bad.

This is certainly a direct result of the CBOT going public.

As they kind of move beyond the country club thing to a public company, they're going to have to articulate their future growth opportunities much more extensively than in the past. But they're not stupid. They'll learn.

Whatever it is, they have to look outside their core business. The equities market is becoming much more competitive, and those margins are going to shrink. They have to look at other asset classes.