Maybe I can jump in. I think this entails some of my previous comments.
A good way to consider it conceptually is to think about the underlying blockchain technology and then use cases that can be built on top of it. For traditional industry, you may want to use blockchain to replace your additional system of books and records, for example. It's safer, it's more secure and you can replace traditional infrastructure with blockchain.
One of the use cases that gets built on top of blockchain that primarily impacts the financial services sector is rapid movement of funds and currency. You can do things like instantaneous settlement between counterparties and not have to have money sitting overnight in a financial services system. Therefore, you reduce the risk of counterparty credit failures, failed trades and money movements and things like that.
Another use case that's been built on top is essentially equivalent to an exchange, a marketplace or a stock market for the trading of digital assets. One of the comments I was making a bit earlier is to consider the technology along that particular spectrum and to identify areas for regulation that are responsive to the risk profiles.
Private companies using private blockchains that only people in the company can access to store their books and records and share them with the auditors probably don't need a ton of regulatory oversight. You probably don't care what system of records companies are using today anyway.
On the marketplace side, the jurisdiction has primarily fallen to the Ontario and Canadian securities regulators to apply more traditional securities laws on top, again with some additional gap legislation for those types of products.
In the middle, you have a bit of a spectrum. We're not entirely positive what use cases are going to rise to the top and which ones are going to fall, but one area that you can see at a federal level is the lending-type products. Those don't traditionally fall within the purview of securities regulators. Those are under more banking-type legislation.
My colleague Mr. Thomas was talking about insurance coverage and trust law. You're starting to see financial services cases that are more at the federal level.
To respond a bit more to the 3% to 5%—and I may throw it back to Mr. Hyman for more of a technological...or Mr. Mosoff, potentially—when you think about the exchange-traded business, the 3% to 5% is what's moving on exchange or between users at any given time or at any particular moment, for example—