Electronic-trading tools can take advantage of this.

to ensure the most liquid exchange, that may [mean] more electronic trading, but that remains to be seen.

The four C's are powerful tools that can give them a significant advantage. But there are down sides,

I like the guys that are located in Bermuda, because they have a tax advantage, ... All three are trading very close to book value, all three are trading between eight and 10 times earnings. I'm early on these, but I think we're going to have significant gains over the next couple of years.

Program directors have to go earlier and earlier to keep the competitive advantage.

We continue to invest in new technology that will spur further growth in electronic trading volume through increased speed and access for all users of our markets.