Just as new functionality in each Windows upgrade prompts the development of new computer programs, a new benchmark will gain broader acceptance with the development of other ancillary products, such as futures. Challenges ahead Let me turn now to the challenges that lie ahead, some of which are related to the global interconnectedness of markets.
Like our economy, where cross-border trade plays an important role, there is a large volume of cross-border financial flows, which are critical to our financial system. So we have to work in lockstep with authorities elsewhere. Many crosscurrency products reference benchmarks like LIBOR and CDOR. How quickly can markets for them adapt to using these new benchmarks or curves based on them?