mr. pisano, do you have a counter-argument to that point? >> well, as i said earlier, mr. moran, nothing in the movie business today is linked to the reports of box office. as i said, those are simply estimates that we release. our studios release and others. principally for marketing purposes. they are not reported in the financial statements in the marketing companies or the scc. they're estimates based on the ren track system. in addition, no one that i know of, and i've been in this business for 25 years, makes a decision as to how much money we're going to spend on a movie. or how many screens is going to get -- are going to get booked based on some artificial estimate of what the box office will be based on a futures trade. so there's -- there's an unreality to this market not linked in any way to how the business actually works. and that to me is part of the danger of this proposal in that what it really does is it invites speculation. in addition, according to the phone book size set of rules that the exchanges are published, the very people that would have some in

mr. pisano, do you have a counter argument to that point? >> as i said earlier, mr. moran, nothing in the movie business today is linked to the reports of a box offices. as i said how those are simply estimates we release of our studios release and others principally for marketing purposes. they aren't reported in this financial statements of the companies, not to the cftc, they are estimates based on their brand track system. in addition, and no one that i know that i've been in this business for 25 years makes a decision as to how much money we are going to spend on a movie or how many screens is going to get booked. based on some artificial estimate of what the box office will be. based on a futures traded. and so there's an unreality to this market, not a link in any way to have a business actually works and that's to me part of a hub the danger of of this proposal and that what it really does is invite speculation. in addition, according to the phone books sides of rules that to these changes published, the very people that would have some information and might