I understand that, though we've had competition and new private players in the market over the past few years.
I think that policy makers--not regulators--would have to make the judgment here. Is there an existing problem, or the likelihood of a problem arising for which we need a new set of market conduct rules? Because there are none. We don't administer them, and they are not fundamental. At this point we haven't seen a huge amount of evidence that there is a systemic market conduct problem.
Focusing on going forward, there are a number of aspects in the U.S. market that are different from ours, and so on. We haven't studied that, and we won't when we look at individual applicants. We'll look at the marketplace as it is, and we'll look at the likelihood of an applicant being reasonably successful and being safe and sound. Our market analysis won't look at whether there is a need for policy changes for market conduct rules. That's a broader question. You already started that discussion, I gather, a few days ago with officials from the Department of Finance. From what we know, we have not seen a groundswell of that kind of issue coming to us.