I didn't want people from different provinces to be shooting at me.
We've learned in the last five, six, seven years--Volcker has said this, David Dodge has said this, others have said this--that all financial markets are interconnected. They are deeply interconnected because of the nature of financial markets. They are fungible. They are virtual. They are not physical. Money is mobile, instantly mobile.
For that reason, I think the distinctions between federal and provincial in terms of financial markets are completely artificial. When I was in the bank, we dealt with credit unions all the time, and yet they were under a completely different regulatory regime.
Take pension funds; I'm at Carleton University, and our pension fund is regulated by the Province of Ontario. I'm in Ottawa, where many of the other pension funds are regulated federally. Yet they're in the same markets. They're investing in the same package of securities. They're on the same TSX.
I think it's inevitable that we'll have to confront the day when all financial organizations come under a single regulator. This includes credit unions and pension funds. I do understand, though, that it would be very unpopular.