The second is we have suitability requirements. We look at and require certain things about who is permitted to be in certain markets. As a former president of a commodities exchange, it's one of the riskiest of markets. That is a matter of serious concern. Gambling is a service in economic terms.
Capital markets serve a more fundamental purpose in a capitalist society.
They enable people to turn to the capital markets in order to expand their activities and they provide rewards for the people who support that expansion either through equity or debt. Nonetheless, they involve a lot of uncertainty and risk and in some markets, commodities being the obvious example since we're here in Chicago, most investors lose their money. Even in the tried and true equity markets, investors do not as a group get the returns of the index because there are transaction costs. While futures are a zero sum game, stocks are not a zero sum game, but both of them have transaction costs. So futures is quite like gambling in one sense in that there is some gain, minus the transaction cost and also given the way random numbers work, some people tend to lose a lot or win a lot.