What Time Is T Plus Two?

The SEC just yesterday put out a proposal to require more central clearing, presumably through DTCC of treasury securities. So what the proposal does is it effectively says, our members will be required to bring a significantly larger percentage of transactions to DTCC for DIFIC or central clearing. And so this is hugely important because of particularly in high volatility, high volume events. If all of the risk is kind of like in individual dealer firms, bank firms that are buying and selling treasuries with each other then it's much harder sometimes to get a sense of where the risk is if it runs into trouble.