... All right. Let's say it's an honor and a privilege to introduce, our next, speaker, Mr. John McKenzie, CEO of TMX Group. John, it's always great to have you here. And thank you again. All right, so, so listen, last year you unveiled some details of a plan to accelerate growth through the TM2X vision, and also introduced the Core Plus Four strategy, so maybe we start out our discussion with a bit of a recap of that strategy, and then a bit of a follow-up on how things are progressing, maybe some of the recent milestones and key developments over the past year. That's a great place to start, so Core Plus Four was always about recognizing that, you know, TMX Group, in terms of the operation of some really important pieces of, you know, the Canadian infrastructure, has a core business that's important to continue to reinvest in, ensure that it's growing, that we are making sure that we've got great markets in Canada and beyond, so that there's always a continued reinvestment in what the clients need, that we make sure there's no technology debt, and that we're putting that on a footing for growth, and never take advantage of that kind of 173 years of history, but the Plus Four was identifying what are the four vehicles for us to grow beyond that, to really step change the size of the organization and where we help clients. So they were around beginning beyond listings or listings and beyond, you know, getting deeper into ETFs, deeper into servicing them, getting into private markets, servicing the issuers themselves in terms of other solutions that aren't just the listing themselves, recognizing that capital is getting raised, both in the public and private market, and how do we take solutions to both those vehicles? So that's beyond listing. Beyond our borders is about how do we take our trading platforms and our clearing platforms to organizations around the world, either through sales or through direct investment in other countries, like we've done in the U.S.. Beyond data was about getting out of just the provision of core data and into more indices and analytics and solutions on top of that. And the last piece is beyond traders, which was around our energy market, getting out of just the trading community in Europe and really building into other asset classes, more brokerage support, and new geographies like the U.S. and like Japan as well. So those were the four themes. It's actually nice to say, in kind of a one-year look back right now, that the team's hitting on all of them. And you're seeing it through into the results of the organization, that despite the fact that we've had a turbulent capital market for the first six months of the year, we are up 18% year over year for the first half, 16% organic, and we're getting growth across every single one of those strategies so far. They're specific, each one, areas of execution that we've now demonstrated to the market, to the clients, and the investor base, that we've got executable plans across all these programs. The piece I'm going to close it and wrap it with is, and you started with in the question, it's all around this strategy we, you know, cleverly labeled it TM2X before we realized it's really hard to say that over and over again. It was about changing the paradigm in terms of how the organization thinks about growth. When you think about growth, not incrementally, but in terms of how do you double a franchise, we have to think about the marketplaces differently and the addressable markets, and we've embraced that all through the franchise. Even thinking about the last five years, our derivative trading is 2X what it was before. Trayport is more than 2X from what we bought it at. We have a corporate solutions business now in capital formation that is almost the size of capital formation itself. And so all these strategies have forced us to think beyond just incremental solutions and really understand not just what the customer needs today, but where it's going. So, you know, couldn't be happier with what we're seeing in the first half of the year for execution. Excellent. Listen, global trading patterns are shifting. We've got the Canadian government now taking measures to catalyze new investment, to transform or accelerate growth of the Canadian economy. So what does that mean for TMX Group? So I'm hopeful on this. I do want to see, I'm going to be very candid, a move away from talk about actions and actually actions. And I'll be specific on some, but anything that helps to build the actual investment climate for Canada is going to be good for the organization, particularly around the ability for companies that list with us or could list with us to raise capital. And the last three years, coming off of 2021, have been a very challenging time period for capital raising, both additional capital, but particularly IPO activity. And so improving those investing conditions, whether it be things that we're doing around building things in Canada, one project office, so that energy or resource companies can get more confidence, is going to make the market more investable. Things that they're looking around tax strategies can make the market more investable. I like the positioning of what I'm hearing. I'd like to see it in action, because candidly, some of these things we've been talking about for a long time. We went into the election this year, actually putting forward a policy paper from TMX on where we'd like to see reforms to accelerate the Canadian capital market, and the nice thing in it is we actually had six strategies on it. They were all picked up in federal platforms, either, you know, somewhere in the Conservatives, somewhere in the Liberals. Now it's for us to actually hold governments accountable to execute on what they've asked for. The one win we've got so far is that they've now announced that they're going to reform the R&D tax credit program. This is the SR&ED program. It's really important to small companies that list with us, because right now, if you're a small private company, you get refundable tax credits for R&D, and as soon as you go public, you lose your refundable credit, and by doing that, we essentially created this extra barrier to raising public money to grow. It's the antithesis of what you want in a growth economy, so the government's now announced that they're going to equalize that, where you can actually get refundable credits as a small public company or private company, and again, that's going to help facilitate growth in the economy, so we want to see more things like that. All right. So we think about top strategic priorities for the year ahead. I mean, what are you thinking about for that? ... So now it goes back to growth and execution again. Right. And so grow the core piece has been really important. We've had some very large execution priorities that have both coming off of last year into this year and going forward, and I know we'll talk about some of these as we go. But, you know, our Post-Trade Modernization program is a seven-year program. That went live. Team did a phenomenal job of bringing that to market. What's one of the largest implementations of this system in the world, and now it's something that we can build on. Our launch of a US ATS, from idea to launch in 18 months, went live in January and is exceeding expectations. But we've also done some inorganic pieces that, as you know, we, you know, acquired VettaFi over a year and a half ago, but we've been doing a lot of tuck-ins as well, and each of these are an integration challenge to make sure we get the value out of them. So now we've got all these collective pieces in the organization, either the things that we've bought or the things that we've built, or new products that we've launched on top. The roadmap now, as we look forward, is about in-market execution. Ensuring we are selling across the franchise, that the clients understand the full value proposition of what we can bring to their organizations. And then we get out of kind of the historical silos of an organization that was built in kind of regulatory silos to be able to bring a total TMX solution across the board. And so that's been everything in the transformation. Our whole transformation around 2X, about being more of an information company, has been able to sell across the whole TMX Market franchise. So, you know, if I can help you with a new index that we can then build into an ETF, and then I can list it for you, and we can help promote it to investors, and then build options on it on top, and then provide that data back to the market, that's why we're unique in being able to have these different assets, is we can bring that full solution to the table. So that's our go-forward piece. It is almost harvesting some of what we've already planted in terms of these seeds to get full value out of them. Excellent. Let's talk about Global Insights, right? So the Global Insights portfolio, I think, is foundational to TMX resilience, and it's a great growth engine. Mm-hmm. These are attractive businesses, which I guess also attract follow-ons and, and imitators. So I guess my question is: How does TMX look to create sustainable competitive advantage across this platform? Yeah, I was thinking about this recently when I was thinking about some of the things that are developing around AI. I was looking at a business that was in data business, an interesting little business. But when you started to dig under the coverage, you could quickly see that AI tools could actually wipe this whole business out. What is different about everything we're doing, it's a combination of both proprietary data, proprietary capabilities, and integrated solutions that are SaaS-based. And I mean, that's a lot of overall work, but let me put it into the core context. Insights has got three core pillars in it today. The Datalinx business that really is built off of the unique data that we generate, that only we generate, and we've got the unique ability to build insights on top of. So we've got a growth strategy to continue to add new analytics on top, add new AI tools, so we can harvest more of the data that's in the organization, and essentially provide tools back to the industry that they can't build themselves. You think about things like corporate action and reference data. This is expensive for firms. It's not well done. We have all that in our asset base, so it's for us to figure out how to get that out and get it to market. So Data Links itself has been growing at that, strong growth level, the five-plus. We think it's got potential to do even more as we keep building out the product suite. The two other pillars, Trayport and VettaFi, these are both in our high-growth franchises. So at Trayport, we've been growing at, you know, high doubles in terms of teens. I realize they're actually in the nineties, but I mean the teens. We've been consistently growing it there. The solution has had so many more applications, so we're gonna be able to continue to grow it by moving it into more energy asset classes and more geographies, and really focusing on what makes it sticky. And what makes it sticky is the core network of people that are in it. So you've got something that's proprietary. So someone can create a me-too piece of technology, but creating that proprietary network is very hard to do. And then it's up to us to maintain that, continue to nurture it, continue to invest in it, which is why we've been on a two-year program on actually rebuilding that platform. It'll allow us to go faster in adding new solutions, and then we continue to add premium components on top: data solutions, analytics solutions, you know, as, you know, advanced charting, all those types of things. You've got to keep meeting the customer where they're gonna go, and so there's no reason for them to go somewhere else. And over time, we see what other industries or sectors we can transform into that model, like refined oil, like Japanese power. We keep looking for more to do that with. So we've got a growth curve we can continue there. The index piece under VettaFi is also really interesting because it's not just about creating indices, it's about creating enterprise solution, and what's unique in the model that we're doing is, not only for an asset manager here, can we build a proprietary benchmark for you, but we've actually got a network of hundreds of thousands registered advisors in U.S. and around the world, and with data sets to tell you, "Okay, here's what actually RIAs are looking for for their clients. Here's what the next kind of trend is of taking of investment vehicles they want." We can build a product bespoke. We can test it back against the market and show the relative performance, but then we've also got distribution tools back to that audience, where we can market the product out, 'cause a lot of ETF manufacturers actually don't have their own channels. They use other channels. So we can actually help distribute the product, we can talk about the product, and we can have the analytics on what the actual reception is. So I see what you'll see in all three of these pieces is they're all enterprise solutions, and they're not one-off products. So that relationship with the client, it gets stickier, it gets deeper, and in each case, we are rewarded by our mutual success. So on the index side, we're paid under AUM models, so they're successful, we're successful, and it's that shared success. The last piece in Insights I'm most excited for now is we've just made some changes to bring it all under one banner, and take a new approach to leadership to try to get the best out of each of them. So we wanna create a regime where we can actually incent people to get data out of one part of the franchise and build an index in another. Or build an index and get another part to sell it. And so that's what we're doing with the new leadership, and getting the best of both breeds, creating better sales capabilities across the board, and candidly, teaching all the salespeople across different parts of TMX what are the different unique pieces, even if you don't sell them. So if an ETF guy is actually going to talk to, well, a fund manager, he can introduce them to our newswire. Because, you know what? We can actually help them with their disclosure, too. Mm. They might not know how to do it, but we can make the right introduction, and make the right lead pass. So, that's why as a system, we're excited about where we can take this to another level from where we've been, rather than just a set of kind of bespoke pillars. Excellent color. We'll dig in a little bit about on Trayport, right? So Trayport continues to be a major growth engine. Mm. It's got a great track record since you bought it, and we think about kind of the pathway for those opportunities, and I think one you identified, I think in your earlier comment, was the Japanese power market, this attractive opportunity. Can you give us a bit of an update there? What made the Japanese power market interesting is we'd already in markets that had already opened up and deregulated, that's where Trayport's been really strong. 'Cause once you build a tradable market, multiple traders in there, Trayport's valuable when a market is disaggregated, and you need that single, you know, vehicle to put all that pricing in one screen, so that a trader can see the whole market, they can execute, they can get best impact for their own strategies. And that's what we do there. We're doing that all throughout Europe. We are building that in the U.S. as well. We've got partners in the U.S. that are helping us build it out, particularly in gas and Northeast power. And Japan's interesting, 'cause now you've got a major global market that just recently deregulated the power market. The size of the power market in Japan is as big as France and Germany combined. This is a massive market. And so what we've been trying to do is make sure we're very early there in terms of working with the brokers and the traders that are getting that market going, to understand, to use Trayport solutions as part of it. Now, there's not enough market for us to aggregate today, but as it's developed, we're trying to make sure we're the solution of choice to do that with. And it will develop over time, but you need to have more traders get involved, build liquidity, build open interest in positions, and as more participants come in, Trayport can be the solution to aggregate that market onto a single screen. But the nice thing is, it's actually not the only market going down that path. We see that same kind of opportunity in other parts of the Asian region, or that time zone region. We're seeing that potential, potentially in Australia, potentially New Zealand. We're seeing it potentially in South America. So this model can be replicated, but we don't, we don't lead the market development. We're there to facilitate it as the market actually modernizes. Okay. If we think about closer to home then, what do you think about catalysts to accelerate Trayport's growth in the North American market? And what's kind of the timeline investors should think about for that to be a more material revenue driver as well? I, like I say, I keep thinking it is getting more material, but the whole business is growing so fast anyway, it's not getting material enough. We're doing, I think, about GBP 7 million ARR in the U.S. market now. We keep adding new clients to it, but it's still in the early stage in terms of we're not in that place where kind of liquidity will beget liquidity. And so it's still very much a sales strategy of getting more players on, more players connected, and we'll keep adding resources to the team to do that. And we're gonna get there. It's gonna take time. The challenge in any new market, when we're doing it, is what we're doing is moving kind of an over-the-counter market onto a screen. It's not like we're trying to displace another screen or another competitor, but we are trying to change the way people do business, and that change sometimes has resistance, or it moves slower. But as more firms get on, then more firms wanna be there, 'cause that's where the trading happens, that's where the visibility is. Mm. So that is moving well. We're keeping investing in the U.S. market. We're actually opening our new site in the U.S., later this back half of this year. So we will actually finally have a proper TMX U.S. flag planted in Lower Manhattan that services all of our businesses, Trayport, TMX Datalinx, VettaFi, and gives us more opportunity to interact with our U.S. folks as well, 'cause it's one of our biggest growth areas. So that's a big piece. The other big piece is around different asset classes, and one of the biggest asset classes that would have both U.S. exposure and global exposure, candidly, is refined oil. So if you're a trader trading oil, you're trading West Texas Intermediate, you're trading it on ICE or CME. But if you're trading anything else on the oil chain of a refined product, you're trading it over the counter, and you're probably doing it by phone. And so that's an area where we can absolutely use the Trayport screen to modernize that, to bring it into the electronic world like we've done with other OTC markets. So we're working with multiple brokers and other traders on what would be the model to help bring them on, and then we're working with some of the technology providers on how do we actually do some of the automation around that, because oil trades differently, so we're going to bring two new tools to the market as well. So those are the two big initiatives we've got to try to build this out, and in each case, you think of the size of the opportunity. I always think about the size of kind of the total trading community. You know, if you've got 5,000, 6,000 traders in Europe that we work with today, there's 5,000 traders in the U.S. that are doing energy. There's 5,000, 6,000 traders that are doing global oil, and that would be U.S., Canada, Europe. So these are big step changes, and it goes back to that kind of 2X theme of taking Trayport to the next kind of doubling of size. Right. And if we think about the expansion of the Global Insights platform as a whole, how do you think that's gonna impact margins, and what degree of operating leverage could that bring to TMX, or what could you generate from that? Yeah, it's a good question. I mean, so today, Global Insights is about 44% of the whole TMX franchise, and that's been a substantial step up and our objective is 50 plus. We wanna have most of the business being in information-related services, and, you know, 67% of the business being in recurring revenues, and it is higher margin, so just naturally, as we continue to grow the portion of the business that's in this higher margin data business, that will bring up the whole average. But candidly, we're not actually trying to expand margins in those businesses themselves. Both Trayport, VettaFi, these are high-growth platforms that are growing at double digits organically, so we are reinvesting in there to continue that growth in terms of adding developers, product developers, technology, sales resources to keep doing it. We've doubled the size of the Trayport team over the time we've doubled the business. So our view is more reinvest the margin back, hold the margins kind of steady there, so we can continue to drive that double-digit growth rate. But we bring the whole franchise up. The other way the margins come up throughout the full firm is 'cause we have other businesses in the organization that are, you know, historically lower margin, 'cause they were at a different scale in their development. Mm. Post-trade is one of them, and corporate solutions, where we serve the issuers, is another, the trust and transfer agency. Now that we're growing those both faster, they have operating leverage themselves. Those are two ways to drive operating leverage: you know, keep growing the portion that's in the higher margin data businesses, and improve the leverage that's in the lower margin businesses in the franchise, like post-trade and trust. Okay. If I stick with the technology and innovation theme, I guess it's gonna lead me to digital assets, and what are the biggest opportunities for TMX related to digital assets? Well, digital assets are interesting, 'cause there's so many different ways to tackle that. You know, digital assets in terms of things like blockchain and ledger technology, we spent a lot of time looking at that for core infrastructure, and it really wasn't fit for purpose. It actually isn't anywhere nearly fast enough to deal with modern marketplaces. Uh-huh. We really see it more in terms of how do digital assets potentially help unlock things like private companies, and create liquidity events for them? There's not any value in terms of tokenizing or digitizing a security. In fact, anything that's a security today is fully digital all through the chain. I mean, I shouldn't use the word chain, 'cause that has a different connotation. But any public company that goes public today, their book is 100% digital, all their trading is digital, all the workflow is digital. It's just not in a token. There's been some advent of kind of tokenization of securities. There's a watch-out on that, because actually that's a regulatory arbitrage. So you're actually losing some of the market protections. There's no actual, you know, holding back to the actual issuer themselves. There's no investor protections on it. So I think this is a place where regulators are gonna step in to say, "A security is a security, whether it's tokenized or not." Now, what we've done is to make sure that we are essentially token-ready. And so we've done initial work that we can actually... We were testing this through things like crypto. We could put, you know, crypto tokens or other tokens on exchange directly. We could actually essentially trade them so that it could go into the infrastructure of the banks and the dealer community. We could bring them to the clearing house, essentially clear, where we would actually hold the wallet on behalf of the industry. So we built a model to do it. We haven't seen the demand for it yet- Yeah ... but we wanna make sure we're ready. And then our other folks that are in the post-trade side are working on strategies on where we can use the clearing house capability for how do you solve for private companies, and that could be tokenized or otherwise. You could actually do it on a straight ledger itself. So it's about almost being agnostic. In terms of what the market wants to trade, we can trade it through the infrastructure. All right. We'll shift gears back and maybe get in the trading business, so derivatives, I think, consistently being identified as a core growth vertical. I mean, what do you see as the primary initiatives to really support the derivatives growth momentum for the next 24-36 months? Yeah, and the nice thing is, I mean, the first set of primary initiatives we already launched, so it's always helpful when they're already out the door. We relaunched the core future that moved from the banks. We've launched two, five, and 30-year futures. They are still in their growth phases, so there's a lot of opportunity for those products to build. And there's some of those products that are also in what I'll call the early market-making phases. So when we bring a new product to market, we put a really heavy revenue-sharing regime around it to help build liquidity, get liquidity from the OTC market on exchange. And as those regimes roll off, the revenue per contract goes up substantially. And so we've got ones that are still under regime. Like the core is rolling off in terms of the regime. We've got the two-year that still has that. So there's so we're gonna see continued growth and actual transaction activity, which has been really strong double-digit growth, and then the revenue growth is higher, because the revenue per trade is gonna move even faster. So you're seeing more maturation in those areas. We're also seeing maturation in the global trading, which is only about 6% after hours today. There's upside potential for that. And then what we work on going forward is a product roadmap to continue to build on it. And so we're looking for next year an early launch of credit futures, again, to solve some of the investing challenges for the industry. To work alongside, we are thinking about options on futures as well, to give more functionality in that trading curve, the yield curve. And then we're thinking about some OTC programs as well. So on an OTC standpoint, we already clear repo. We've got strategies around how do we actually expand that, so we can bring more of the OTC repo on the cleared market and bring capital efficiency to the industry? When we can provide capital efficiency, we can, you know, reduce the cost for the banks and the dealers, and they can then trade more as well. We've got a collateral management solution that we've launched to do exactly that, to help bring down their collateral costs, and we're looking at some additional markets as well, like things like total return swaps. Again, things that are in the over-the-counter market, where if we bring them on exchange, we can reduce costs, improve liquidity, and get broader trading outcomes from everybody. And so that's the roadmap going forward. This is gonna continue to be one of our high-growth businesses, and again, I reiterate high growth from a transaction standpoint, and even higher growth from a revenue standpoint. ... Excellent. You recently launched post-trade modernization and also alternative trading system into the U.S. So maybe just give us a quick update, like how's the reception been, and what have been some of the key learnings from that? Yeah, I mean, couldn't be prouder of the team for the U.S. ATS launch. Again, like I mentioned, this went from an idea to an execution in 18 months, including a de novo new technology build, multiple regulatory approval processes, client engagement, and client sign-ups. And the reception on the new ATS has been really, really strong. And a lot of people will say, "You know, why do we need another marketplace?" 'Cause there's so many different marketplaces in North America. But we saw an opportunity because we had built some really interesting, you know, advanced trading functionality in Canada, improved execution quality. So really targeted around buy side, how do you improve your execution, lower your execution costs of doing large blocks, in a lit market, not just dark markets? So we built it in Canada, and the approach we took was to take the best parts of our Canadian market and build a new market for the U.S. So we used our code base from our derivatives platform, we used our IP from the equity markets, our new order types we created. We built it in a new platform on a cloud delivery, and again, all within 12 months in terms of that technology build. And we had clients day one. So we had clients building initial liquidity. We launched early in January. Trump Inauguration Day, we launched. Not the best day to launch a new market because the volatility was a bit more robust than we might have had otherwise. But that was a quick learning experience, because there was things that we triaged and fixed along the way, and kept pushing ahead. Q2, we're up over 300% in terms of what we did in the Q1. We're up again in July. There's the public data out on our volume again, we're up substantially again in July. We expect August will be up as well. And what that's meant is that the initial clients that helped build have showed so much success that we've had another tranche of new clients that are signing on, including now most of the Canadian banks that work in the U.S. as well, have signed on to the platform as well. So it's one of the things that we thought was gonna be unique to us in terms of building new platforms. We got deep client relations here, that understand well, that we can build markets that have been worked with us. From what we can see, this is actually one of the fastest growths of a new U.S. ATS. And it's still early days in terms of actually being much of a revenue generator, but the momentum is there where we want it to be. And with that, it's gonna give us the confidence to keep building more on top of it, which is what we wanted. Excellent. And listen, M&A, I think, has played a role in accelerating TMX strategy. So how do you feel about the current M&A environment? And again, what type of businesses and capabilities do you have the strongest appetite for right now? I mean, well, you started it when you said strategy in there. So everything we're doing around M&A is around accelerating the strategy. And so it's not about trying to get into a new business line, it's about, again, accelerating those three core fundamentals we have: Global Insights, global markets and trading, and capital formation, corporate solutions. So we're constantly looking for, is there good data things that we can roll in that would accelerate our long-term growth, and we can accelerate theirs? And that's really key. It's got to be the ability for us to accelerate, or why would we be the best buyer to it? And what's unique about us in terms of owning it, you know, Trayport, one of the things that made us a unique owner, is our strength in energy markets. So we are now a great player to actually drive that business ahead. VettaFi, our ability to you know, infuse it with unique data, and our depth in ETF markets, made us the best owner for VettaFi in terms of getting the index side. I think people don't... A lot of people don't know that the Canadian ETF market, in terms of what we list, is actually the most robust ETF market in the world. Most new ETF types are invented here, including the original ETF that was invented on the Toronto Stock Exchange. Crypto ETFs were here three years before they ever got to the U.S. The new leverage product was done here first, so this is a real incubator market. We have almost 1,200 ETFs now listed in Canada, and I think the whole U.S. market is a, you know, it's a few thousand, but it's a market 10 times the size. So we're way developed here. It's. We have a right to be in this space, we have a right to provide more services to it. And candidly, the momentum in that space is not slowing down, in fact, it's actually accelerating. We've actually brought more new ETFs to market so far this year than all of 2024 combined, and 2024 was the previous record. It's across multiple asset classes, multiple providers, existing providers and new providers. So it's a place we're gonna do more. We're looking at M&A to how do we keep accelerating that? So that can be through tuck-ins, where we've done a number of tuck-ins already, where we've bought, indices to help get new capabilities or distribution tools. Or we'll look at things that are large scale, like VettaFi itself, to expand more in terms of the geographies or products we can get into. And now that our leverage is back down under 2.5, we're back in our target range. I think we're there six months before we told you. We've got the balance sheet to do more. Excellent. We've got the red light almost flashing, so maybe in terms of kind of closing thoughts here, I mean, TMX is close to what's historically been a fairly wide valuation discount relative to its peers. I mean, what key highlights or thoughts would you have to investors, quite frankly, pondering the argument on why TMX should trade at a premium to that group? We're not done yet. I always recognize that we traded at a discount. We had to prove to the market that we were gonna deliver on what we were gonna say we were delivering. And if you look at us and you compare us to the peer group, don't compare us to the peer median or the peer average. Look at what are some of those exchange groups that look more like us in terms of the breadth of their business, their mix of geographies, the sustained revenue components, and actually, we trade a lot in line with those. We trade at a premium of the ones that are more, you know, single functionality or they don't have as strong a business model as we do. And then I'd say also compare us again to the revenue growth profile. So we have one of the higher mixes of recurring revenue, and we have one of the highest organic, sustainable growth. So when you think about it more kind of a value to growth, I'd say we're actually still at a discount of where we can be. And so as long as our organization keeps delivering on the promise we've given around the growth and the different components, we should be a premium to the broad exchange market, 'cause we're going to out-deliver the rest of those peers. Excellent. Well, John, great conversation. On behalf of Scotiabank Global Banking and Markets, I'd like to thank you personally, John, for taking the time, and the TMX organization for your continued support. It's a pleasure. Thanks, Phil. Thank you, John. Great. Great job.