willem buiter is with us. made very clear at the council on foreign relations, he has been surprised at how they have worked. they have done better than good. what happens if japan and other nations go even more negative? willem: well, they are likely to do so. it will ask further on liquid asset prices. especially on the exchange rate. through the exchange rate on stock prices, on longer yields. it is just another very conventional monetary policy. tom: what is the unexpected consequence that we get out of something that is not in the economic textbooks? only -- the economic textbooks only work if there is no limit as to how low interest rates can go. tom: have we tested yet, bringing negative rates in -- have we tested that threshold or critical point where you get a jump in condition if you bring a negative exchange rates? willem: it is still not happen. --y carry cost of currency insurance, storage, safety -- the debt is really more than 75 basis points, i do not know. but we will find out. tom: caroline?

b==let: that was willing willem buiter on "bloomberg surveillance."ll look at why there are few halts on global oil output. alix: citadel securities is buying the kcet business. >> i think the markets have become much more automated over the last 10 years, and so the firm that is going to do best as a designated market maker is one that is really good and maybe investments in technology to be able to do automated trading. we are going to give the humans on the floor the tools they need to trade stocks better and make better markets for listed companies. your reaction to the news that the chicago stock exchange has a chinese investor group agreeing to acquire it now? what does it mean that the chinese are moving into the exchange business? >> we are watching it with great interest. recent and fresh moves that came out this morning. wehaps stating the obvious, care deeply about the u.s. equity markets but we also care deeply about china. was iny, alibaba -- i china the latter half of last year. it is something we will watch on for very closely but given