The Pros and Cons of Platforms

I think platforms are a bit like trading companies. They appear to be similar on the outside, but when you lift up the hood underneath, they're quite different. And we will see over time which approach is the better one. I do feel that VACT has been successful in attracting some of the large players. That does create issues, I believe, around governance. Everybody probably wants to see it at the table and say about what the forward business will be.