There's still position limit, by the way.
The problem, as Mr. Masters has identified very well, is that you can go on the market and have a position limit, but if you can go through the back door, if you will, and take an index fund, you don't have a position limit. We have opened a loophole for companies. We closed the door, but we left the window open. We've been arguing for some time that they should close the window too. We opened the window in regard to the changes in the regulations in 2000, which has allowed a lot of these players to burst the position limits that the regulators have set. That's a real issue.
Also, we should remember there's a reason that the non-commercial are in the market. They create liquidity. I remember the oil market in the early and mid-nineties. There was a very small liquid market, where you had very large commercial players who actually used cargoes and their physical positions to manipulate prices. We often had manipulation on the brand price, what we used to call the “brand squeeze”, etc. The commercial has rote liquidity, and liquid markets are good. The question is whether they are too good sometimes.