Thank you, Mr. Chair.
Mr. Diwan, Mr. Masters, Ms. Russell, and Mr. Sprott, thank you for being here today.
I just want to say that your testimony here is absolutely important. Several months ago when we were looking at the issue of why prices were instantaneously rising without real explanation, certainly not from the industry, it was refreshing to hear your comments to the U.S. subcommittee. It's too bad we weren't able to do this earlier, but this is a committee that works by consensus. I'm glad that the amendment I made to get this on the record is indeed bearing fruit today.
We've just heard from representatives of the downstream of the oil industry who suggested that in fact supply and demand are very much in order as it relates to pricing. Of course I don't believe that, and I'm refreshed by the comments you have just made.
I'm wondering if, Mr. Diwan or Mr. Master, and perhaps you, Ms. Russell, you can explain to us the dimension to which Canadian pension funds, sovereign funds, index investors, and institutional investors, as you've called them, may be involved in taking advantage of the loopholes created by the commission on futures trading in the United States.