Bond futures (as opposed to physical government bonds themselves) are the most actively traded instruments in well developed bond markets internationally and, as such, play an important role in allowing a wide range of market participants to manage and allocate interest rate risks.
I am delighted that many of the current and former members of both boards who have served under Glenn are here this evening. Given the sheer scale of Glenn’s contribution, it is appropriate to begin this dinner by delivering – on behalf of us all – a few words of tribute to him.