We're fully regulated by the federal government as a derivatives exchange, and that's a big difference in an of itself (it took us years to figure out the right model to offer derivatives dynamically, with events as underlying). Regulation allows us to plug into the financial ecosystem, and offer the asset class to hedge funds, market makers, brokers, etc.
For all intent and purposes, we're a financial exchange that offers derivatives on a broad range of things that have been offered before.
We are fully regulated by the CFTC. Our ethos has been do regulation from day 1 and we spent 3 years getting regulated before we launched a single product. Regulators are already caught up and are working with us constructively to expand this marketplace and asset class.