In the equity market, again, we have various ways to transfer risk. (1) cash segment, where long term players are focussed; (2) futures, where short term as well as long term players are focussed; (3) options, where short term and long term players are focussed. Risk is every minute transfered from those who can take to those who cannot take. The guys who cannot take risk are non-leveraged players. The guys who take undue risks are retailers, speculators, brokers, market markers and all leveraged players.