I appreciate the opportunity to welcome participants to today’s roundtable on commodity pools. Commodity pools serve a vital role in the efficient functioning of our futures exchanges by contributing important liquidity and pricing information to the marketplace. In our weekly surveillance meetings, we are routinely reminded of commodity pool participation in the futures markets through the Commission’s large trader reporting system. In these meetings, the CFTC economic staff utilizes this important source of data to monitor and report on the positions of large traders in our markets, many of which are commodity pools. In addition, the CFTC has long recognized the market significance of these types of investment vehicles and has thus required the registration of certain commodity pool operators dating back to the CFTC’s founding thirty years ago. Two years ago, the Commission revisited the registration requirements to ensure that these policies are properly tailored to the public and market risks associated with commodity pools and their operators. I believe this was the right course of action. Last year, the Securities and Exchange Commission also decided to register certain hedge fund advisers, many of which are already registered with our agency. Today’s proceedings will not only illuminate the trends and regulatory issues in this industry, but will help us to identify areas in which the CFTC’s registration and other requirements overlap with those of the SEC and how our agencies might cooperate so as to lessen the duplicative burden on this industry. I look forward to the upcoming dialogue and thank the participants in advance for their testimony.