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Can you think of aggressive competition presents longer-term risks? Or is it just good business?

Craig S. Donohue

Do I think what?

Kenneth Worthington – JPMorgan Chase & Company

Like aggressive tactics, do aggressive tactics present longer-term risks that may not have been present in the past?

Craig S. Donohue

I don''t remember any competitors in the past being particularly polite or passive. So I mean, if you look at the history of competition in this industry, it tends to be incredibly aggressive. And I think we''ve demonstrated over a long period of time that we are equally a very formidable and strong competitor. And the strength of our position is based on the fact that we''ve been very innovative. We offer extremely high quality liquidity and markets and services. And we''ve made very substantial investments that have been very valuable to us as we built our business.

Kenneth Worthington – JPMorgan Chase & Company

Great. Thank you very much.

Operator

We''ll go to Jonathan Casteleyn of Susquehanna Brokerage.

Jonathan Casteleyn – Susquehanna Financial Group

Yes. Thanks. Question for Rick. You just mentioned it briefly, but within the interest rates future complex, isn’t change in aftermarket yields, is it enough to really drive strong volume growth going forward? Or do we need the Fed to kind of move benchmark rates around?

Rick Redding

I think you have to look at it two ways, Jonathan. On the short end of the curve, clearly you need to get out of the zero interest rate policy to really change the dynamic there. You can look at the Fed from the futures markets to see where the market thinks those rates are going to substantially move before the end of the year.

On the longer end of the curve, though, outside of just the short race, there''s a lot that''s going on in the mortgage market, a lot that''s going on there, a lot of the government policies. A lot of that can move without having the zero interest rate policy change at all.

So I mean, the other thing to think about there, Jonathan, is as those relationships across the yield curve may change based on how the government exits this program. So it''s hard to do a point estimate of volatility, but the way we think about it is looking at it is the shape of the yield curve also may change as well.

Jonathan Casteleyn – Susquehanna Financial Group

Right. So longer-term contracts could benefit, but definitely the short end would benefit more so by a Fed underlying benchmark change?

Rick Redding