How did that change launching new products?

It was interesting that when we looked at more what brought the need for the use of the exchange for risk management tools in the over-the-counter market, all the products in the Henry Hub contract that Tom was involved in developing, all got disrupted, not only with the storms, but also during the financial issue when Enron defaulted.

I had been working at Aquila Energy in Kansas City.

I worked with a former friend of mine who went to the Merchant Marine Academy with me.

He was head of trading at Aquila.

And I was working there.

9-11 happened.

So how do you get, as you're building the initial liquidity in the markets, what conditions do you need to create? What feedback do you get from commercials that lets you know what do we need to be doing to get them into hedging, into trading in a new instrument?

Tell us what's going on there, Joe.

Yeah, it is.

I think as we talked last time, Stuart, our LNG futures contracts are physically deliverable, which is completely different and unique and doesn't exist, hadn't existed, had not existed in the futures regulated futures marketplace.

Certainly OTC contracts or markets trade.

But there was no regulated, transparent pricing instrument available.

uh for waterborne lng there were and still continue to be used other proxies and it's so a lot of the things that we hear in the marketplace or at conferences and even on panels people ask the question what is the price of your lng and to this date we have never heard of a logical proper answer to it except that we keep pounding the table that We have an instrument, we have three instruments, Gulf of Mexico, FOB delivered, DES, North Pacific Asia, which gives flexibility for delivery across China, Japan, South Korea, and also a Northwest Europe contract that we're about to relaunch.

We had stopped it for a bit for some regulatory changes, but that will be relaunched here in the coming months.

pretty large platform