I agree that it's not. I mean, the issue that came up this morning I thought was well put this morning, the question of balancing incentives for involvement, because just as I would be very, very unhappy about a licensing regime, it's quite difficult to think of a "you must be in it" form of regulation which doesn't involve some kind of in effect licensing.

So I would want to stop the cunning design short of that. I'd want this to be a place that it's so advantageous to be, that the major players would be in it.