our work at iosco and something i am passionate about is secureatization. because as you are probably aware is secureatization is seen in many countries around the world as an important technology to facilitating funding of the real economy. the other issue that we focused on as money market funds has been very well received around the world. in addition many of the issues rise in the post crisis have been new. the regulation of otc derivatives is an example of what has been largely greenfield's territory. at the national level, financial services and markets regulators have had to work with central bankers and banking supervisors more intensely than ever before and i would hope as equal partners which is most important. so globally iosco has had to work with the committee more intensely than ever before. i think also as a part of this post crisis the increasing importance of markets regulators is now really strongly coming to focus. but it has been a challenging for all of us and i think a very fruitful one. i think we have come a long way. as i said, my s