So I think that netting, in terms of its ability to help people manage the risk, was extremely important to the market and the market's growth.

Jeff, a perspective on that? Scott, how important is netting? What did that American football coach once say? That winning isn't everything, it's the only thing? I think some ISDA players might say the same thing about netting.

I used to teach a course on derivatives.

And as part of the first lecture, which was titled How to Succeed at a Derivatives Cocktail Party Without Really Trying, I used to give students in the class a cheat sheet with six one-liners that they could drop at a cocktail party and sound knowledgeable about derivatives.

Five of those lines changed year to year, but the last line was always the same, just one word long.

where was netting and i told them if they couldn't remember anything else whatever the question you just say netting it'll either be the right answer or it'll intimidate whoever you're talking and you won't be challenged any further but you know because the derivatives market is a global business and because globally jurisdictions align differently some are more pro-creditor some are more pro-debtor and then to ensure that the is the master agreement worked and netted exposures when it most had to when your counterparty was in trouble or belly up, the contract would then be treated as a single ball of wax, a seamless web, and no cherry picking for the benefit of others.

We had to ensure a pro-creditor result, the extent we could by contract and by law reform if necessary.

Would you have ever imagined this in 1985? And what do you think has been key to ISDA's success from those early days right through to where we are today? Jeff, I'll let you start off.