I have a very specific question on CDS, credit default swaps. Just as we're starting to get some handle on the scale of the impact of the subprime mortgage issue, there's the real fear of the depth and breadth of the CDS issue. The total amount of outstanding CDS derivative trades globally is $46 trillion U.S. There's great concern because there's not really a good level of understanding of them within the capital markets, and certainly not within the investment community or the average investor.
So first I'd like you to comment on the potential impact on the U.S. economy; secondly, what the fallout could be on the Canadian capital markets and economy; and thirdly, what we should be doing in terms of our financial regulatory framework to help educate and perhaps insulate investors from these increasingly opaque vehicles that are dominant but relatively invisible and misunderstood.