When did you first suspect that automated trading was going to be important for ICE?
I believe it was probably late 2004 or early 2005. At the time we were planning to close the floor at the International Petroleum Exchange and move all the associated energy contracts onto our electronic platform. We were in the process of entirely re-architecting our platform, in terms of capacity and performance. It was as we were doing this that we began to appreciate how automated trading was really beginni