Mr. Chair, I used to be a stock market analyst. I'm not currently.
We at OSFI aren't stock market analysts. What we constantly ask ourselves is, if there is a market correction, do we have the buffers, the capital, the liquidity in the system, to absorb that?
We work hard at an institution-by-institution level. Sometimes they're a little irritated with the amount of safety that we oblige them to put in place. We are confident that the financial institutions we regulate can absorb market volatility and market uncertainty. We do it at the aggregate institutional level. We also spend a lot of time at the business unit level, the capital markets business unit level at major institutions.