Q: What was the rationale behind Creditex's takeover by ICE? And how has the market responded?
A: Sunil Hirani: Creditex found itself competing against very large and significant interdealer brokers and exchanges in our execution business. In our processing business, we found ourselves competing against equally large processing and market data vendor companies. With this competitive landscape, we thought it would make long-term sense to partner with a major player in the derivatives markets to co