mr. wholen and ask each of you, what does this mean? risk, mitigating, hedging activities in connection with and related to individual or aggregated positions or contracts. y'all know what the rest of it says. what does that mean? does an institution rightfully, once volker is in place? by the way, we understand volker is not in place today, so it has no relevance whatsoever as it has to do with jp morgan. if a ann institution has tremendous exposure in europe through whole loans, normal loan-making activity, does it or does it not have the opportunity once volker is put in place to hedge against a downturn and economic activity or just activities there that may be adverse to the bank? i would just like for y'all to go across and tell me what this means and is portfolio hedging something that you envision to be something that can happen or cannot happen after volker is fully implemented? starting with you, neal. >> as the statute says and as you quoted it correctly, if you're hedging something that is related to that, then it's permitte