Good morning, everybody. A very warm welcome to the Aquis interim results for the 30th of June 2021. I'm joined today by Jonathan Clelland, who I think you all know, who's actually sitting in our Paris office, which is obviously one of the changes that we've made. Everyone knows that we set up a Paris subsidiary as a result of Brexit. Jonathan is over there. He's now our COO and Chief Executive Officer of the French entity, and also with Richard Fisher, who's our new Director of Finance. I'd like to start off going straight through the presentation. If we could just go through the disclosure statement first and then go straight into the first slide. This slide, just wanted to remind everybody exactly what the Aquis Exchange PLC, what we are. We are one company, and we operate three different businesses. Those businesses being the Aquis Exchange, the original business that we had, the platform that trades 1,700 stocks across 15 different markets. That now is multiple MTFs because we have the MTF in Paris and obviously the MTF in London as well. We have the Aquis Stock Exchange business, and we'll go into more detail about that today and the performance of that business. That's our primary market. Remind you, that's the segmentation into the Access segment, the Apex segment, and the Main Market. We have Aquis Technologies. Each one of those businesses has multiple products, from those products, across the bottom line, we have our fourth revenue stream, which comes from data. If we can just go to the next slide, please. I am delighted that we have a strong financial performance. I'm pleased to see that EBITDA has improved to GBP 1.6 million. That's tripled. I think that's really important for us to show that we are executing on the strategy. We've continued that growth on the exchange. We've seen the amount of message traffic go up by 27%. We're maintaining that profitability that we talked about at the last results. We made great progress, we think, with the Aquis Stock Exchange. We'll go through the numbers there, but we're still well on forecast to make that profitable next year, and we are currently trading in line with the market expectation. If we could just move to the next slide. We've executed the strategy, and that's what we've always said, and I think it's really important that companies should set expectations and deliver to those expectations. We've improved the competitive position by pushing on with the strategic initiatives on both the Aquis Stock Exchange as well as on the Aquis Exchange. Business conditions have been good. We've seen market volumes decline by 13% this half year versus what the previous half year was. Actually, we've been able to continue that growth and continue our market share. I think what is important, that 22% of all the liquidity across Europe at the best bid and offer. Now, many of you will have heard that number before. That is the summation of all the stocks in all the major indices across Europe. Looking at the bid and the offer, the size that is actually on the bid and the offer, and you sum that up, and Aquis controls 22% of that. That is the largest liquidity provider of any MTF, in fact, probably the largest liquidity provider, certainly one of the major liquidity providers in Europe today. We've executed 5.8% of that. That is a record. That's up from 4.7% from the previous year. We continue to hopefully see that market share. We believe that with 22% available liquidity, you can see that big difference between what we're doing today and why we have such tremendous opportunity to grow that significantly further. These are difficult times to onboard clients. I'm delighted to see that we've grown and continued to grow the number of clients from 33 to 39. As I mentioned just very briefly before, a metric that we've never shown you in the past is that we've actually grown the average monthly aggressive order. What does that mean? Those are the trades that are being executed by the customers against the liquidity providers, and that has grown 27%. What it's telling us is very much that as people use the subscription model, as they enter the higher tiers, and they enter that highest tier, they're getting the benefit of that subscription cost with the marginal cost of zero, and you can see that they're starting to utilize this more and more. That also gives us tremendous hope that we will continue to see this grow significantly over the coming periods. We've also strengthened our bench strength. Richard is on the call today. We hired in David Stevens, who's our Chief Revenue Officer. It's embarrassing in front of Richard here, but I can say that it's already made an enormous impact on us, and having that stronger management team gives us a strong position, we believe, to go forward and execute the strategy. If we could just move to the next slide. Here I think is a clear description of the market share, what's going on here. We actually hit a record market share of 6.2% in July. I warn people, that doesn't mean that market share will just continue in a straight line. It's never been that way. When market volumes are incredibly volatile, we know that the principal traders, the proprietary traders, will always trade more. Because we ban the aggressive flow from those particular groups, our market share will fluctuate. The key in this slide is to show that quarter by quarter, there's an incredibly positive trend, and we believe and expect that to continue. Just again, if we look at the following slide, many of you will have seen this before. This is the emphasis. We look at each particular index across Europe. We look at the liquidity provision that's there, and we call this slide the paradox, because as you can see, our market share is around about the 5.8% level, but actually, our liquidity is at that 22% level. That should give all the investors a real confidence of how we can continue to grow this business in the exchange space. I'm going to pass over now to Jonathan for the next slide to go through the detail of the numbers. Thank you very much, Alasdair, and greetings from Paris to everybody. I'm sitting in our Paris office and just wanted to make sure everybody was aware that this is demonstrating our pan-European presence. Turning to the numbers, I think I'd like to start, first of all, by highlighting, as has been disclosed in the statements this morning, a very strong overall performance. EBITDA up by 220%, up to GBP 1.6 million in comparison period of GBP 0.5 million. That's been driven largely by strong performances in exchange revenue and across the other areas. It's worth noting that the licensing and other revenue is slightly down in comparison to the comparison period of 2020. This shouldn't really come as a surprise because, of course, the revenue can be quite lumpy. This is as a reflection of when platforms are delivered to our tech clients. We're confident that we will see some deliveries in the second half and have built a very strong pipeline through to next year. As you will see, overall, revenue up 37%, and a profit before tax of GBP 1 million in comparison to a break-even for the period last year. Finally, I'd just like to point to a very strong balance sheet, regulated capital surplus, but also net cash improving quite significantly over the last 12 months. I'd now like to hand over to Richard, who will go into a little bit more detail on our results. Good morning, everyone. It's nice to meet you and look forward to working with you in the future. Just a very brief background about myself. I was the chief accountant at RBS and most previously, a director of finance at a challenger bank called Redwood before I joined Aquis in April. One of my observations on joining Aquis was that there is a very strong revenue story, which we should try to help explain. This is what the first slide I'm talking to describes. The chart on the left-hand side is very much as Jonathan has set out, so the performance across the four divisions within Aquis. For myself, it's actually the chart on the right-hand side I think is a very interesting one in that it sets out the nature of the revenue that we have. The figure I draw your attention to is that in this period, 89% of our revenues were on a recurring basis. This enables us, as we go forward, we're building on an ever-increasing revenue stack. This is not that we have to start from scratch. If you look in the period, only 7% of our revenues were on a transactional basis. I hope that gives a bit of an insight into the nature of the revenues that we have. If we turn to the next slide, what I wanted to pull out here was just to look at our cash generation and investment. If you look in the period, we obviously have a very strong operating cash flow. In this period, it is influenced that we do have share issuance, which has increased our cash inflow through the period. The factor I most want to draw attention to is the ability this gives us to invest. If you look at the investing activities in the period of GBP 388,000, this has given us the chance for GBP 163,000 that we've invested in ongoing investment in technology and development. Also, we have GBP 154,000, which is our internal development costs. It's this ability for us to generate cash and to continue to invest in our future that helps us drive our ongoing performance. I hope those give a bit of insight into those two, and I'll now hand back to Alasdair. What I want to do now is just go through the three divisions that we have and talk about data. If you have the next slide there, it should be the divisional review of Aquis Exchange. What we've said here is that we are getting good continued growth. I mentioned the 27% growth of the aggressive orders that we have, but actually, we saw 33% revenue growth for our core business. What a number of you, a number of investors have asked us to try and give some more color about the model that we operate, which is obviously the subscription model with its various tiers. I think one of the very encouraging numbers this time we will, and will go forward, continue to look at how many members are actually in the top 3 tiers, how many members are in the other 5 tiers, and how many designated liquidity providers to try and give us a little bit more flavor. I think this is very good news for us. Today, we have nine members in the top 3 tiers. Reminding you, that's the GBP 80,000, the GBP 50,000, and the GBP 30,000. If you then look at the liquidity providers, we have five designated liquidity providers. Now, many of our members will also supply liquidity. It's not just those five members. People are supplying liquidity on top of those five. The liquidity providers, being permanently suppliers, don't actually pay us. 5 people aren't actually paying us because supplying the liquiditySupplying a message doesn't count towards the message traffic, so therefore that party is in effect free for them. We have 25 members in the other 5 tiers. I think that's really important because when we look at how do we get the top 15 banks, the top 15 players into those top tier, we look at what the opportunity actually is here. We've got 9 today in those top 3 tiers. We just get another 6. Those are the tiers that start at the GBP 15,000, go right the way down to GBP 2,000 a month. Those are very significant increases. One of the reasons we brought David Stevens in here as Chief Revenue Officer is to really focus on this drive, not just of building new customers, but actually getting out of the 30-odd paying customers we have today, get them higher into the tier. The immediate impact, that's 100% straight onto the bottom line. You take those additional six clients, they might be, say, in the GBP 15,000, and you get them up into averaging maybe GBP 45,000 or so, then you're immediately getting six times that GBP 30,000 every month, or GBP 180,000 hitting the bottom line. The leverage going forward from here we think is remarkably good, and that's our main focus for over the next year. If we look at the growth drivers, leveraging the synergies we've got with the primary exchange now, with the Aquis Stock Exchange, considering the introduction of new order types, and we're working, so watch this space. Over the next few months, you'll see new order types being launched here, which again, rather like the MaC product or the Auction on Demand product, the other things, we will be introducing new things, and then obviously driving this usage that I've just mentioned. Can we go on to the next slide, Aquis Technologies? I previously mentioned about the slight slowdown in terms of revenue generation in the first half of the year. I won't go into further detail on that. I think it's quite clear in terms of revenue recognition. I did want to point out the great technological developments that I think we have managed to achieve in the last 12 months, and how it makes us very confident for future delivery. It's clear that cloud technology is an area which is of great interest, in particular to startup companies who can't afford or don't wish to invest significant sums of money in the infrastructure, and in setting up. The proof of concept we did last year has demonstrated that it is feasible for exchanges to operate completely in the cloud. This has been a major step for us, and we're very confident and very comfortable with the progress. We think that it sets us apart from most of the competition, and we expect to see continued interest in the coming months and years in this area. I'd like to move on to the next slide, please. Okay, into the Aquis Stock Exchange. I have always said, and I have sort of warned investors that the Aquis Stock Exchange, the value of this business isn't gained in the first 12 months, 18 months. It is about a longer term strategy of building something that is meaningful. I think it adds incredible long-term value to our business. What I am truly delighted is we are ahead of where we expected to be on this. As everyone knows, we have gone to this sort of school mechanism for exchanges, this great belief that companies are like our children. You start them off in primary school, you give them a set of rules, you give them expected behaviors. You then move into the secondary school, where again, you teach them a different way, you expect different results. People get homework, et cetera. Ultimately, we send them off to university, and that's our Main Market. We have Access, we have Apex, and ultimately we have the Main Market. The purpose behind this is to bring proportionality in regulation, appropriateness of trading mechanism, and being able to get capital out into SMEs. I really believe that there's never been a more important time in a post-COVID, post-Brexit environment for the U.K. to get capital out into this incredibly important segment of the SMEs. Its government wants it, Treasury wants it, regulators want it. I can clearly see that customers want it, because we now have a pipeline of over 50 customers, 50 issuers who are looking to IPO over the next 12, 18 months. That number is growing continuously. We're getting calls all the time. We are definitely raising standards. We are templating and making it easier, more efficient, cheaper, more effective for companies to get capital through the public markets. The public market should not be the last port of call, which it has tended to be today because it's been expensive, because it's the Nomad structure and all this thing. It should be the first port of call. It should be the very place that entrepreneurs should be looking to go. I think Aquis has positioned itself incredibly well in order to do that. We've done 14 IPOs this year. We've done 20 IPOs since we've actually bought the business. We believe that there will be many, many more in the future, and we're positioning ourselves to make quite certain that we can get retail involved. We've got a lot of work to do in this space. The retail market, is it connected properly today? No. We still have brokers like Hargreaves Lansdown and a few of the other major online who will not directly electronically connect to us. We really believe that the public want to come back into public markets, and the public will come back into public markets, and we will work continuously to make certain that happens. We make great progress with the likes of AJ Bell and Barclays and Jarvis and others, so people can connect. This combination of getting connectivity, getting the right number of issuers to come through, that alongside now 40 advisors, major advisors also now all members of the Aquis Stock Exchange, we believe will culminate with us being able to provide this school that will create great young British, European, and actually international companies to come and get quoted on the Aquis Exchange and enjoy their school period right the way up to university. We remain very optimistic in the long term on the Aquis Stock Exchange. As we said, this was a GBP 900,000 revenue in the first half this year. It lost GBP 100,000. We promised our investors we would get to break even by next year. I'm very, very confident that we're going to do that. Therefore, I really do believe that this part of the business can add significant long-term value for our shareholders. On to the next slide, please. Just some facts on the exchange. Delighted, we're now over GBP 2 billion of market cap. I know that's tiny in comparison to some of the global exchanges out there, but it's a great starting point. We have over 100 securities. We have over 20 sectors covered, and I think that's important. Many of the new people just think maybe we're just a new economy business which just does digital assets. It's not true. We've got e-commerce businesses, e-learning businesses, music businesses, engineering businesses, all sorts of very exciting businesses here and coming to the platform. Average market cap in Apex, GBP 74 million. That's growing. We believe that that number will get higher and higher. Overall, and I think people really do think we've got some stocks that are really, really microcap that we're looking at here. The idea is to get this market cap, the average market cap number up. At the moment, it's at GBP 27 million. It's small, but it will go. As these new businesses come through and as they do grow, we're confident about that growth. On to the next slide, please. I think it's worth highlighting here what a great success we've managed to achieve with market data. It demonstrates both the acquisition of AQSE, but also the progress we've made in terms of the integration. Revenues increased by 187%. They've now reached in excess of GBP 1 million, and this really has been as a result of harmonization of data, where we are providing data to our clients, both the Aquis Pan-European data, but also AQSE data. The other thing that's worth noting is that in comparison to our peers, this is still a significantly enhanced value offering and gives us the opportunity to continue to grow this area. Can we move on to the next slide, please? I just want to finish up before we go into questions about the position that we are as a company. I am really, really very optimistic about our future. I think all of you who know me know me as an optimist. I think we can deliver. I think we've got a great future in front of us. One of the things we promised to do over a year ago was to strengthen the team. We've done it. I'm very proud of the team of what we've got. I believe that doesn't mean that I'm leaving anytime soon. I certainly have no intention of doing that or Jonathan or anything. Strengthening the team is about being able to deliver faster and quicker the things that we believe we can do. Promoting our core principles about transparency, innovation, and technology, that covers across all our businesses. These are the core principles we live on. We think it's incredibly important in the growth of our business, they're working. It clearly is starting to see. I'm really pleased. We look at some of the top clients now that are hitting that top tier, using the business in the way that we've always dreamt of, which is this marginal cost of zero, getting more. That will help build market share. The more market share we get, the more customers will reach the top tier, the more valuable our data becomes. There is enormous synergy across the businesses that we operate. It also helps with our technology sales as people see that the sixth or seventh largest market in terms of turnover today, which we are in the whole of Europe, they will look at the quality of the technology that sits behind that, and that also helps our technology sales. Continue to invest. We're not frightened about doing that. We think that the opportunities are still here. We think that we can continue. I will commit to say we will not invest at a rate that is equivalent to the increase that we're expecting within our revenues. From now on, I want to see increased revenues here, and that's what we want to get back to our shareholders. I'll just finish by saying, look, we really do believe that we are in line, and we set expectations out to the analysts, to all of you, and we believe we can deliver on our expectations going forward from here. From myself, Jonathan, and from Richard, please, I'll open it up now to any questions that you may have. Thanks, Alasdair. We've got 1 question so far from Justin Bates. Justin asks, "Please could you elaborate on the pipeline of projects and prospective clients in Aquis Technologies, the nature of the clients, estimating the quantum of the work, and a refresh on the split of the revenues, i.e., initial fees versus ongoing/maintenance revenues? I can start the answering of that, then I'll pass it on to Jonathan to go into the more details about how the accounting practices work, which we all know. As Jonathan said during the introduction on the Aquis Technologies, this is very lumpy. What I can say is that up till now, we've made very, very significant progress on a number of material contracts. By material contracts, I mean these are sums well north of million of pounds. We can't, and this is the point that I will pass over to Jonathan, we can't recognize the revenue due to the accounting standards. That is what makes it so hard for us. I think what I can say, and I want to say out there to investors and analysts is, we're pleased with the performance. The revenue recognition is difficult, but we have got some material contracts that are significant progress, I think that's the best words to use without getting into trouble as such, but significant progress on them. Jonathan, do you want to explain a little bit more about the accounting and how we do this? We comply, not surprisingly, with the accounting standards IFRS 15 and IFRS 9 in terms of looking at the recoverability. These contracts can often be three to five-year contracts. Hence, that is why they will be material in nature. The type of clients that we have seen a lot of interest from are effectively new economy clients. People who are looking at digital assets, people who are looking at derivatives, those that are interested in cryptocurrencies. It's actually quite fascinating to see the new types of exchanges that are growing up and who want to work with Aquis because, not only do we have a great understanding of exchange, but also we do understand what it's like to try and create an exchange, and the quality of our technology will underpin these companies' growth aspirations. Very exciting times for us. Pipeline is strong. We would anticipate seeing further growth in the coming months and years. Hope that answers your question. Thanks, Jonathan. We've got another question from James at Canaccord saying, "Can you speak to the changes made that have allowed the acceleration in membership sign-ups? It has been tough historically, so good to see it apparently fixed. I think there's two answers to that, James, which is obviously we've seen the synergies of the Aquis Stock Exchange, and we've been pushing that, which is there are people who want to trade into the SME or the small cap market by what we've got. If you're connected to us, you can then connect to the 1,700 stocks, and we want to push that further. That changes some of the type of members that we have, and I think that's really good because it broadens liquidity, it broadens the usage of our business. That's the first thing. The second thing, of course, is as market share grows, it becomes incredibly difficult. We have seen a number of what I would call mid-size brokers and banks join us within over the last year. Again, I believe that trend will continue. It is tough on a work from home basis. I'm not going to hide from that. Tougher than I thought it was going to be. The reason behind that is in order to connect, people do have to make some changes to their order management systems or whatever. We've tried to make it as simple, and then there's prioritization. In a normal market environment, that prioritization would be quite high because the market share is there, you've got to justify best execution, et cetera. Under the work from home and COVID, obviously there's been a real issue with technology resource in banks, and therefore we found it much tougher. I believe that those times are hopefully coming to an end. We've obviously got a difficult winter potentially in front of us, but hopefully this is coming to an end. I also think that it is really difficult. Best execution has not been the focus of individual companies or regulators during the last three years. We've had Brexit, we've had COVID, we've had all the issues that regulators are focused on. There will be a time when we go back to what is best execution. Asset managers need to comply by it. The banks and brokers need to comply by it. It's very clear that when you look at what we do, our toxicity levels are lower than any exchange we think in the world, but certainly in Europe. We have the liquidity there, and therefore, if we can show them the data, and that's one of the things that David Stevens is working on now, is we started to actually, we've hired and bringing into the sales team a data analyst. We're starting to get data literally with meetings starting next week out to clients to again, prove and evidence the value of the Aquis Exchange liquidity. Those are the two things, the synergies between the Aquis Stock Exchange and the growth of a number of mid-tier type brokers. The pressure will be on both. We will continue that drive to get those 15 or so clients that we think are in the bottom 5 tiers into those top 3 tiers. That actually has a dramatic impact onto the bottom line. Thank you, Alasdair. Next question is from Nick at finnCap. He says, "I'm interested to hear more about the mechanics of leverage in the business. How does that nonlinear relationship between inputs and outputs play out in reality? Where is the potential the highest across the business? Right. Nick, as always, a great question. The leverage on this business, I think it's a good sequitur from what I've just said about you get the cost of our business of raising a customer from the bottom tiers to the top tiers is zero. It literally is 100% margin to increase. The leverage is how we get these customers through the tiers. I think the evidence is that we are a very efficient market. We are a very good market from a best execution point of view. On that side of the business, we think there's enormous leverage. Of course, the other thing that we need to talk about is data. We've seen the effect of the harmonization of the data and us. We don't charge our members data today, but non-members, and you could see that growth that we had from there. Of course, going forward, the big thing here is the consolidated tape. We don't quite know when that will happen, but if I spoke to you last year, and I think you were certainly on the call last year, Nick, consolidated tape was kept on being pushed down the track, and it seemed to be going on forever. The noise is now, from what we hear, is it's very much going ahead. FESE, who represents the exchanges, the national exchanges across Europe, are now actually on side, and the national exchanges are now backing that there will be a consolidated tape. We believe that next year there will be much more about standard setting. The following year, you might see an introduction, but probably within two and a half years or so, you will see a consolidated tape. Of course, the value of a consolidated tape is the revenue distribution that that creates for the exchanges. The way that it operates, and certainly the way we think it will operate here in Europe, is along the lines of the CTA, the Consolidated Tape Association in the States, which is an authority sets a price. The price is mandated to be significantly lower than the current prices for charging for data today, and it's redistributed. Their costs are taken away. They collect all the money from exchanges that are forced to provide their data to this consolidator, and they then redistribute the revenue back. In the case of Aquis, this would be a material change to our revenue. Now, why is data important? Again, it's practically 100% margin business. Any exchange, any national exchange that tells you how complex and difficult it is to create data is not quite telling the truth here. The reason I say that is because we are mandated as an exchange to provide data. We have to. Without data, even post-trade data, you can't make the next price. It is a very, very valuable commodity. When we start charging for data, the cost to us is the invoice that we send. It really is a high 90% margin business for the company. If you look at that, we say, first of all, we think we can truly leverage the massive leverage there is on the subscription model on the exchange core business. There is massive leverage from data, and the value of that data, again, is exponential because of the Aquis Stock Exchange. If we get the 200, 300 companies that list or get quoted on our market over the next few years, I truly believe we can attain these types of numbers. The unique data from a quotation that is there makes our data even more valuable. We believe that many of those companies will go on to be the unicorns of the future. That will be very valuable data. We can also leverage our technology. What I'm excited about there, as Jonathan said, the number of licenses that we're talking about and contracts that we're progressing with at the moment is all about different asset classes, different digital assets, different types, whether it's bonds or it's futures and options. The great thing is, the core technology is already here. We have the knowledge and the experience on how to export that. Particularly when that's in the cloud. We think we are the leading exchange in the world in the cloud. To leverage that knowledge, that capability, I think will get us into being able to provide some very significant contracts in the future. All three business lines, we believe there's enormous leverage. We think a lot of the hard work has been done. There is a cost of setting up an exchange. Many of you who knew us in the early stages is it took a long time to get to profitability. Once you have that profitability, that sort of jaws approach, that sort of the ability to have your revenues grow significantly faster than your costs allows us to expand and gives us the leverage we have. Nick, I remain very, very bullish on this. Thanks, Alasdair. The next question is from Keith at Hardman, who asks: Are you hopeful that the outcome from some of the U.K. government working parties, PM, ER, etc., will help Aquis and small caps? I really hope you're right, Keith, here. You've got to be an optimist if you're running an exchange. The truth this time and my fear. The good news is, I think the government has all the pieces, the Treasury has the pieces, the regulators have the pieces to make the changes in a post-Brexit environment. In other words, let's get capital to the SMEs and the mechanisms. We look at the Kalifa Review or the Kalifa Review. We look at UK Listing Review. These are really positive things. There's the Wholesale Markets Review, which we're responding to. That has to be in by Friday. There's some big changes that we think that the United Kingdom can make because they're no longer controlled by the rules that actually drove them in the past through MiFID in Europe. If they're clever and if they're wise and if they fulfill these, then actually one should remain very, very optimistic. That's the good news part. The bad news part is the problem I think we have today is we have all the pieces of the jigsaw, but none of them are into the same box. In other words, when I spoke to some members of the government recently, I was saying, "Who's going to lead this?" You can't let the industry lead this. If the industry leads it, you get vested interest, and the vested interest won't make the change that's necessary to happen. Somebody has to go on, whether it's Treasury, whether it's the regulator, whether it's the government itself. The will is definitely there. We need to get all these pieces of the jigsaw, and I've just mentioned, you mentioned PME. There are so many reviews and things going on right now. We need to get them collated. We need to get those jigsaw pieces into the same box. I think we can really make the progress. Do I remain optimistic? Yes, absolutely I do. The reason behind that is we have to. We have a fantastic economy here. Great. We have met so many great new businesses here that need the finance. It has to happen because these companies will be the future of the U.K. economy. I believe that we can make those changes. Thank you. Next two questions are from Shailesh at Liberum. First question is, can you provide a further breakdown on the tiers for the members? How many are in the top tier are paying GBP 80,000? What is the maximum member number that is possible? Jonathan, do you want to answer or do you want me to have a stab at that one? No, I'm- Give them a simple answer on that. We can't give more detail. We've given some more detail as it stands at the moment and over time maybe. Jonathan, I'll pass to you for the others. Yes. I'm afraid I'm going to repeat what Alasdair said. We don't provide the analysis on each of the tiers. However, it is encouraging, I think, to see not only the number of members who are in those top 3 tiers, but also the potential in the future. With 25 members in the bottom 5 tiers, there is enormous potential to see as we grow, and as they start to appreciate further the quality of the exchange, the low toxicity, the very significant liquidity. It offers the opportunity for these clients to move up the tiers, and that will certainly help fuel growth in the future. Thank you very much. Just to add on top of that, when you said how much can they go to, I've always said when I was running Chi-X, we had 123 customers. I think there's been consolidation in the industry, although there's also been new businesses and things set up. If we put a conservative estimate that there are 80 customers out there, we're roughly halfway there at the moment. If you look at it and say you've got to get the top 15 customers into your top tier, over time, you get to 10%, 12%, 14% market share. There's absolutely no reason why we can't attain that when you look at the liquidity we have. Actually, quick back of the envelope type calculation is, if you've got 15 customers at GBP 80,000, that's going to give you GBP 14.4 million revenue a year just on your standard, not without a Market at Close or other order types. If you have the other 65 trading something around about the average of maybe GBP 15,000, that's in the tiers there, you've got another GBP 11.7 million coming in there, so you've got GBP 26 million. That's before any price changes. That's before any other order types you've got. I think one of the comments you always get with a subscription model is, aren't you capping the upside? The answer here is no, we're not. I think the opportunity to grow significantly from where we are, yes, there is. Excellent. Thank you, Alasdair. The second question is, do you have any thoughts on the consultation on the Wholesale Markets Review that proposes changes that include removing the Double Volume Caps on the portion of share trading that can occur on dark pools? Does this have a material impact on lit venues? The answer is yes, we've got some very strong views on the Wholesale Markets Review. I mentioned a few minutes ago, we're responding tomorrow to that. We have spent time talking to regulators, treasury, et cetera, on our views. You've got to remember, the Wholesale Markets Review is referring to the U.K. Our business for lit books is obviously, 80% of it or so is European. If you speak to the AMF or the regulators in France, they're actually looking at probably doing the reverse, which is tightening and controlling more the dark pools, the SIs. Actually, on our view on the U.K. is, yes, I do believe Double Volume Caps will go. I was never convinced that they were the right thing to do in the first place. I do think that there is a chance that they will abolish the STO, the Share Trading Obligation, et cetera. Will that have an effect on lit books? Well, to a certain extent it could, but what we keep on saying to, I think this is being taken and accepted by the regulators, is that be very careful what you wish for here, because the importance about the lit books is we are about price discovery. Price discovery is absolutely essential whether you're running a dark pool, I know that from I founded ITG back in 1990s, which was all about the first ever dark pool or crossing network as it was then. The price discovery, so these systems that are price referencing, price taking, require a very good reference price. If that reference price is inaccurate because more trading is being done in the dark or off exchange, then you have a serious problem. My request has been for academic evidence. I'm speaking next week at the Goethe University in Frankfurt about this to some academics. It is really important to get the academic evidence about price discovery. Professor Carole Comerton-Forde in Australia did a study on the Australian market that shows that once you get to dark trading above that sort of 15%-20% level, you have a deterioration in price impact in the price formation. Today, if we look at what's going on in the dark, that's not just closing price either. This is just purely dark trading, not even Auction on Demand or whatever. It's around about the 12%-15% today in the U.K., the highest in any country in Europe. If you continue to grow that, I do believe you will get real problems with price formation and price discovery. I think that's why it will naturally get capped. Yes, I think things that will work in favor for us will be in Europe. I think things will work slightly against us in the lit environment, but we've got a number of things that we're looking to do to counteract that. We're very aware. I can't talk about them right now, but we talked about new order types and new things that we're looking at. We're looking at this very closely on how to address it, but also, I believe there could be things that are very favorable, which is the support of price discovery. As we are the largest liquidity provider amongst all the MTFs, and as we're a significant player in the market, we play a very important part in price discovery. Thank you. We have a question from Paolo at CP Capital who asks: Can you elaborate on the reason why in previous years you were growing 60%-70% revenue and now growing 30%-40% revenue? Well, I think, it's the growth cycle of any growth company. As Jonathan mentioned, we looked at the technology sales. One material contract would have had you change, that number would be very different. I think one's got to be somewhat careful about saying, "Is this the end of the slowdown of growth?" I don't believe so at all. I think 37% revenue growth is certainly a good number, and I'm very happy with the number. As I said, we've got to look at how these technology contracts and the lumpiness of them, and at when you take that revenue recognition. I am confident that we're still valued as a growth company, and I believe we will continue to grow. That is the end of questions. I'll just pass back to Alasdair for any closing remarks. Well, look, thank you all very much indeed. I know you do an enormous amount of these. Many of you know me. I am the optimist here. I do believe we've done some tremendous work this year. I think that work will continue. I'm very comfortable on the way forward here. I think we've got It really is the three business lines. I think I said this last time. It's very unusual when running a business that operates three different lines, that all three lines are actually performing to the way that we want them to perform. The nerves out there, of course, is asset price correction. I think everybody needs to be aware of that at some point. At this point in time, I think Aquis itself is strongly positioned. If we do have an asset price correction, then what better place to go and trade on the exchange that has the best liquidity, the deepest liquidity, the cheapest effective price, and the best price for your customers. That's why I think, using technology that is more efficient, more effective, and cheaper, and issuing a market that is faster, quicker, and more transparent, these are all things that actually benefit in a declining market rather than necessarily a growing market. I think we're very well-positioned. I'm delighted with the team and the hires we've got, and I'm excited about our future. Thank you all very much indeed for coming on today.