Perhaps I can answer your question by saying that there are participants who are very close to the Montreal Exchange. I mention as an example UBS Warburg, a major Swiss corporation, which, as a matter of fact, is the Montreal Exchange’s largest shareholder. This corporation has just announced a $3 billion fund in order to contribute to climate exchanges like the one we are trying to launch. We maintain very close ties with these people, as well as with Morgan Stanley. The latter has also just announced a major investment fund. Goldman Sachs, Citigroup, Barclays, all these major investment banks are in the process of implementing services that will make liquidity accessible.
Let me get back to the question of a regulatory framework. The system must be structured according to the standards that are beginning to be applied at the international level. However, if the ceiling is set at $15, it is obvious that this will destroy the market. Actually, I believe that the Montreal Exchange would then have to revisit its strategy.
I am convinced that a truly free market and international standards would attract major foreign capital. Centres such as London, New York and Chicago are already major partners of the Montreal Exchange.
Substantial liquidity will enable the large corporations involved in the development of the oil sands to position themselves and use this product as a risk management tool in the case of capital expenditures they will have to make to reduce their greenhouse gas emissions.