Mr. Speaker, when the two exchanges merged, a few years ago, it was agreed that derivatives would be traded in Montreal. A derivative is not necessarily more risky, as a financial product, than any ordinary stock. Who would have thought that stocks from GM would be worth as little as they are worth now and that the company would be on the verge of closing down. In that sense, I do not think that the products traded at the Montreal Exchange are more problematic than the ones traded in Toronto or at any other exchange. It will be necessary to have international regulations to better evaluate the risks associated with new assets created by the financial system. The control will certainly need to be tighter than it has been for the past 25 to 30 years. We totally agree.
Unfortunately, one must recognize that the Conservative government is going against the flow of ideas presently discussed at the international level. I think namely of tax havens. Large countries in Europe have agreed to strengthen the rules, in order to restrict the use of tax havens, while the minister of Finance, in his budget, said that he is backing off on a previously announced measure, which aimed at restricting the use of tax havens. This is absolutely outrageous.