It is that regional differences and local circumstances are accounted for. Let me give you an example from Europe. The banking sectors of Germany and our neighbour France are more or less the same size in terms of total assets. But look closer and you will find that they are quite different from each other.
When that larger picture comes into focus, I think you can see clearly that we have laid out a sensible way forward that provides certainty while also recognizing the need to address legacy contracts in a way that makes sense in the U.S. context. These announcements are absolutely not meant to support new LIBOR activity or continued business as usual.