ANDREW BAYLY: —hanging on every word, OK. So what this bill is about is there are two types of trades that go on in the market, and the first one is the exchange trade. Probably the best analogy of that, or example of that, is, actually, if you were to buy shares on the market through the New Zealand Stock Exchange, that is an exchange traded transaction. What this is about, or what the second element is about, is principally around over the counter. That means it doesn't go through an established jurisdiction, or an established organisation. In fact, the Reserve Bank operates two of them. It has what's called the Exchange Settlement Account System payment system, and it has NZClear, which is another trading system. 