ms. paquette. we will start off with a few questions. thank you for your testimony. i will remind my colleagues that we will keep the record open for statements, questions and any other material you would like to submit. as we begin questioning the witnesses, i will put five minutes on the clock for each members questions. mr. olesky, how would the proposed cftc rule on swap execution facilities require request for quotes impact market liquidity in potential earnings? what would be the impact in your company if the sec and cftc for rules are not reconciled? >> thank you. currently tradeweb trade interest rate swaps in the u.s. and europe, and we have processed and had about 75,000 swap transactions over the last several years. and one of our concerns is that as the rules have been proposed by the cftc, in this process which is an auction that customers such as the clients better at this table would run in or to get the best price, that the clients would be forced to send out inquiry to at least five different dealers. that's not the way the market operates today. in