I would add that building a payments network is an extraordinarily complex thing. You start with the principles: security, convenience, reliability, and international interoperability—making sure that your payment product is going to work anywhere that Visa is accepted—and try to make all of those things work among the significantly changing buying and selling environments as we move to consumers' buying stuff on Facebook, buying stuff through a tablet computer, or buying things through a smart phone at the airport.
All of those things require a huge amount of thoughtful.... In our world, I will use the word “regulation”. I don't mean a regulation of the government sort but the management that's involved in building a network.
I think the challenges of adding another layer of regulation on top of that can be that it then puts government in a place where it has to be on top of everything that's changing in the environment in order to accommodate new ways of doing business or there could be a risk that Canada falls behind from a competitiveness standpoint. We've seen some examples of that.
Visa fundamentally believes that the voluntary code of conduct is a good step forward in terms of managing the payments marketplace and some of the very legitimate concerns that have been raised on increasing transparency and increasing disclosure. So we think it is a very positive step. The fact that it is a voluntary code leaves a lot more flexibility with regard to the industry's being able to interact to address stakeholders' concerns. Visa supports continuing to allow it to work and move forward.