February 2006 Market Clearing in the Energy Industry 49 © Copyright 2006, CCRO. All rights reserved. FIGURE B-2 Some respondents indicated that their companies clear fairly few trades, while others clear almost all trades (see Figure B-2). The average response suggested that participants clear a notable 43% of their trading activity37. Volume of cleared transactions is expected to continue to increase, in spite of the unresolved challenges (previously discussed in detail), as the market launches additional products and/or clearing models. 37 Of course, the responses must be interpreted carefully. Question 6 (Figure B-1), for example, did not request separate estimates for financial and physical transactions or gas and power transactions. No doubt these factors contribute to the different proportions of transactions cleared by respondent. Approximate percentage of trading business currently cleared by survey respondents? 5% 43% 90% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Min Mean Max FIGURE B-1: SURVEY RESPONSES