Mark Rodrigues

There are 50 financial institutions that are already members of R3 and they are all clients of ours, we believe strongly in collaboration with clients, specifically client-led innovation.

There's linkage between cash and FX swaps and futures, but it's very imprecise right now, if we have data standards and distributed ledgers, you could eliminate a tremendous amount of capital reserves and risk capital that get used up in this process right now.