The first is about motives - ours, not yours. The prime aim of our oversight of the exchanges in our care is to promote clean and orderly markets. Those interests are best served by promoting competition. And of course the ultimate test is whether people are prepared to trade. That growth, in turn, tells us that one of our most crucial regulatory objectives is being achieved.
Customers are prepared to trade.
So I am delighted that, as Raj said, market volumes have been so strong recently. There was no great hostility in the responses, but the status quo was no longer acceptable to many of you. Third, the review showed that there was a need to enhance the resources available to the executive, to upgrade its market monitoring, and its regulatory capability. While it is not my brief to argue for armies of regulators, within our regulatory structure a market must have the capacity to police itself effectively. Of course there were many other, specific recommendations about warehousing, and many other issues, which need not detain us tonight.