With T2S, the concept of cross-border settlements in Europe will disappear; instead, there will just be a domestic securities settlement for Europe. The Governing Council decided to maintain the current governance structure arrangements for the forthcoming specification phase which is scheduled to be completed by the end of 2009.
Work is under way to present the governance structures for the subsequent implementation and operational phases. Replies from market participants are coming-in contributing to the assessment of costs-benefits and economical impact of T2S on the industry. I can assure you that we will carefully weigh all the economic factors, the legal aspects and the risks involved.