so, my question is what are the impacts of basel iii on pensions, mutual funds, insurance companies, and other users of derivatives who heads? now, hedging in my industry, agriculture, is very important. so, i am interested in the implications for hedging and the other entity as i mentioned. perhaps ms. fraser, would you address this? >> yes. hedging plays a very important role for protecting against risk and helping mitigate risk. [ indescernible ] it is important for providing stability and income flows and commodity hedging is a critical piece for any farmer in america. so, the increase in capital associated with the basel iii role will have an impact on the cost of that hedging, and potentially even provision of that hedging, and as you say, it permeates many different parts of our economy and society, it is not just for the most sophisticated players. >> i want anyone who is interested in responding to this question to take it. one of the things that my staff observed is that one of the most poorly thought out parts of basel iii is how public listings are used as a proxy for cou