If you'll allow me a liberty for a moment, I think what I'm hearing behind a lot of these questions is a connection between the fees that merchants pay or interchange and Visa's profitability. I think we need to reiterate that Visa charges fees to acquirers and issuers for the services they receive from us and for transactions.
Interchange is separate. It's outside of that. We don't take a cut. If the concern is about interchange rising as Visa went public and that's the reason for probing behind the profitability, what I can refer you to is a graph that was distributed showing that from 2001 through 2008, and even in the latest monthly data we have on interchange, our rate has remained effectively flat at 1.6%. According to our data, there are no skyrocketing interchange fees. There's no increase in interchange tied to the timing of our IPO.
So ultimately, our profitability doesn't directly impact acquirers or pricing to merchants per se, if that is the line of questioning.