Before I bring Mr. Gratton into the conversation, Mr. Dechert was manoeuvring around an argument I hear frequently, which is that if we don't do it, the Chinese will do it or somebody else will do it. That seems to me a kind of “beggar your neighbour” approach.
Given that the desire is there to establish a global international standard, what is your reaction to those companies or countries that won't join in and that may actually try to take advantage?