fix to a fix. >> natalie dempster. 2.5 hours away from today's first time that the -- we don't know how this works. how does it? >> is an auction process. what will happen at the beginning of that process is the chairman will stayed in opening price based on where he thinks the market is trading at the moment. each bank will then declare that they're buying or selling interest at that price. the chairman will then either raise or lower the price until an equitable price is reached. >> this is all in the phone. ofthis will happen in each the banks will of collected orders from the customers and they may have house orders, too. all those orders will be put into the auction process. it is much wider than just a billion banks themselves. they're taking orders from a number of other parties. a why on earth do we need fix? other commodity markets works very nicely without fixes. auto market for example. what is his need to be treated more like a currency and have a fix. ? >> we could take a volume weighted average, but that