Thank you, Mr. Chair.
I'd like to go back to the European model. When I read the documentation on that model and on the carbon market, I quickly realized that the market was highly fragmented. There are six exchange platforms, as a result of which the exchanges offer very different products. Some exchanges offer cash contracts, others derivative contracts. So we can only observe that the European market is highly fragmented. However, when you talk about fragmentation, you're inevitably talking about increased costs.
What type of model do you believe we should favour in Canada? Would it be a model focusing on greater exchange concentration or a model similar to that adopted in Europe? Despite major European potential, they say the market in Europe is very small. Does this require specialization by exchanges or greater concentration?
I don't know whom to ask my question.