Thank you, Mr. Lussier. I will give you two answers. First, I can tell you that the Montreal Exchange is ready. As soon as a regulatory framework, a registry, quotas, and specific reduction targets are in place and the infrastructure is clearly determined, we will be ready for action. If the government decided to entrust the private sector with the management of the registry, the Montreal Exchange could handle it. We have the necessary mechanism to do so, in co-operation with our partners in Chicago. In strictly practical terms, I might add that, within three to six months, we could provide the Canadian market with the necessary structure to trade greenhouse gases.
We are talking about launching a new exchange, but it should be understood that this is basically an exchange that will be incorporated into the Montreal Exchange’s existing infrastructure. This is our area of expertise. We understand the futures market and the options market. We have been working in this area for a very long time and we have the necessary expertise to set up such a system quickly and then manage it. I say this very candidly: we are the only ones in Canada who have the ability to do so.
With regard to knowing whether the Montreal Exchange should be named the official climate exchange, allow me to explain a few subtleties. I do not believe that it is the role of government to designate the exchange in question. I believe that the exchange that is designated should be the one that is the best equipped and has the necessary capacity and infrastructure to provide this exchange space as quickly as possible with the best self-regulating framework possible. Other Canadian exchanges could very well decide to position themselves in this market. It would then be up to the market to decide which one provides the best service offer.
We have signed an agreement with the Toronto Stock Exchange to the effect that we would not compete with each other until 2009, but the fact remains that there is no monopoly in Canada. Every day we compete with giants such as the Chicago Mercantile Exchange, the Chicago Board of Trade, the Chicago Board of Options Exchange and the International Securities Exchange. In terms of competition, we are constantly being bombarded. Competition is at an all-time high.
Nevertheless, I believe it is very important to understand that if the Canadian market is not set up...