I duly represent the AMCM Board of Directors to thank Mr. Tam for his presence. Simultaneously, I would like to extend my warm and candid appreciation and welcome to our guests, practitioners of our financial sector, and friends of the press.
Market participants also promptly ended the practice of assigning trades without the prior consent of the counterparty and developed cash settlement as an alternative to physical settlement of credit derivatives in the event of a default of a participant that is a reference obligor. Moreover, market participants have now agreed to turn their attention to equity derivatives, for which large backlogs still exist.