Thank you all for coming in today.
I'm trying to understand this model. It reminds me of the voyage that Dan McTeague and I took through gasoline pricing and the Competition Act.
It's three for three here, Dan.
We do have a model, and the researchers have very helpfully identified the relationships among the merchant, the payment processer or the credit card company, the card issuer, and the cardholder.
I think where Ms. Coady was going next was the difference between the merchant discount rate and the interchange rate cost. If we can get someone to just identify.... What proportion of the merchant discount rate typically is the interchange rate? I think that's where she was going.
Madam Brisebois, do you want to answer that?