Q: During the past two weeks in Washington, derivatives have been called evrything from "a form of gambling"to "an important risk management tool." What's your view?

A: My own view is that derivatives are an important risk management tool. We've had an order of magnitude of advance in the sophistication of the management of risks due to derivatives technology. That's not to say that there does not need to be rules of the game as to how derivatives are used and and how their use is disclosed.

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