It covers areas such as ethics, information sharing, aspects of execution and confirmation and settlement. We are well advanced with the second phase which is covering further aspects of execution including e-trading and platforms, prime brokerage, as well as governance, and risk management and compliance.
The Bank of Canada is quite used to dealing with uncertainty, and we were very deliberate in choosing how to incorporate it into our projections and policy decision. In terms of potential US tax measures, we judged in January that there was enough information available to make some initial assumptions.