CME
#This is <UNK>.
I will answer and then I will ask <UNK> to add if she has anything to add.
I think the FSB like all the other regulators are concerned about CCP residency just as Chairman Massad of the CFTC is.
I think the authority such as the CFTC are familiar with CCPs, familiar with the risks that CCPs bring, and they're comfortable I think with the framework that they have been overseeing for decades.
I think the FSB, which includes some of the central banks of the world that don't necessarily ---+ have not necessarily overseen CCPs are coming to grips to what those mean and they are looking at various and sundry scenarios.
And this is all part and parcel of the knock-on effects of the ---+ that the crisis of 2008.
On our part, we are working very hard to educate to the extent that we can and also contribute to the debate to the extent that we are allowed to.
I would just add a couple of things.
<UNK> mentioned the kind of varying perspectives of different regulators and one of the things ---+ part of our advocacy is to help educate regulators that are newer to the regulation of clearinghouses or CCPs because although the G20 and the regulation has pushed products into clearing mechanisms because clearing mechanisms worked in the crisis, the interesting thing is that now they are thinking about slightly changing the way clearing mechanisms need to work, so we want to make sure that clearing mechanisms maintain their effectiveness and our advocacy is in that regard with respect to flexibility and crisis management and the ability to have strong risk management program.
Sure.
This is <UNK>.
I will take it and I will ask <UNK> to comment specifically on the energy side.
So within equities we had a higher proportion of member trading and in energy we had two factors, one is we had a larger proportion of member trading than last quarter with member volumes up 19% and non members up 15%.
We also saw a large increase in the use of our electronic natural gas options which are lower price than ClearPort.
<UNK>, do you want to comment on what you're seeing in terms of options trading that would be great.
But before we do that, I will just mention in terms of the advertising campaign, yes, it's geared towards more retail and non members.
With that, I'll hand it over to <UNK> on the options.
Just one more point on that.
When I look at the fourth quarter, I think market data will be in the neighborhood of $100 million.
Sure.
I wouldn't say it wasn't as high as we expected.
I think we are right now at about a $3 million run rate per year in terms of the amount that we had anticipated ---+ that we gave out in terms of take-up.
So although it's only $170,000 for the quarter, we're at a $3 million run rate, so it does take time for firms to make these decisions.
As you indicated, they're weighing the annual variable dividend they get in the fourth quarter by ---+ into the first quarter for holding our shares so they take a look at that.
Also, we think it is beneficial for new members coming in, especially those from overseas, that were holding CME stock and having that amount of capital is prohibitive.
So that takes time to work through the system.
In terms of the overall opportunity being about $40 million, we are at roughly 10% of that and it's only been out just for a couple of months.
So for us it's ---+ this is really nothing but upside for us.
I agree with that.
I think that when you look at our revenue coming out of our traditional retail the way we measured it basically next to nothing, and then putting in roughly a couple hundred million dollars I think last year alone coming from the retail side of the business, the upside is just extraordinary.
We have I think somewhere in the neighborhood of 4% of the retail trade globally and if we can just double that, you can imagine what the revenue could do for this company.
So we are taking a strong look at that.
I think what's important here is we are not targeting the mom-and-pops on the street when we call retail.
We are talking about participants in the market today trading anywhere from 10 to 20 contracts a day already, and we are trying to harness that into the business.
What I think is also fastening is when you look at some of these discount retail equity brokers traditionally, they are starting to merge together the ones that offer futures.
So that only bodes well for us to concentrate this more among people that are already offering these products.
