What’s next for the exchanges?

What major trends do you see in the exchange-traded financial derivatives markets over the next five years? How do you intend to take advantage of them?

Ferscha: There are two bigger trends in the foreground. One is the increasing sophistication and maturation of the risk management industry, starting from the wholesale user insurance company to the arbitrage desks to the very retail end. Individual investors have become much better educated about risk management and this industry