Welcome to Aquis Exchange's full year's results presentation. You're joined by Chief Executive Officer Alasdair Haynes and Chief Financial Officer Richard Fisher, who will both be taking you through the results. Over to you two. Thank you very much indeed. Good morning everybody, and welcome, as just said, to the results of Aquis Exchange PLC for the year ending 2023. I'm Alasdair Haynes, the founder and chief executive of the company, and I'm joined here today by Richard Fisher. Hi, good morning everybody. Okay, for those of you sort of less familiar with Aquis, just to remind you that Aquis is a technology-driven challenger exchange group creating better markets for the modern economy. And I'm really pleased to say that we are delivering on this vision. Again, we're made up of four profit centers: the Aquis Markets, which is the secondary trading, the Aquis Stock Exchange, which is the primary issuance primary business, the Aquis Technologies, which we use as the technology for our own market and then now license to other markets around the world, and Aquis Data, which is the data derived from the business that we have. I'm incredibly proud of this set of results. This has been very, very difficult market conditions, strong headwinds, but this is a strong performance behind it. We grew revenue, net revenue, by 13% to GBP 22.7 million. We grew profit before tax by 15% to GBP 5.2 million. Let's go straight away into the actual numbers. All right. Thank you, Alasdair. Yeah, so as Alasdair said, we're very pleased with the financial performance in 2023, which has been led by a strong delivery through the gross revenue line, which is up from GBP 20 million last year to GBP 23.7 million, a 19% increase year-on-year. If we step down through the income statement, you'll see the provision movement. We took a provision increase of GBP 1 million in the year, and that's reflective of the revenue recognition on the two new and two extended contracts that we took in 2023. So then if we step down to net revenue, as we said, that's a 13% increase up year-on-year to GBP 22.7 million. If we step down then through to operating expenses, I'll just highlight three key factors. So we're up GBP 2.1 million year-on-year, and that's largely driven, first of all, by the investments we're making. And that's in new people hired, where we've hired four new people year-on-year. And those are in our technology development and sales areas, which are key areas of focus for us going forward. We've also invested further in our technology. We continue to see opportunities that arise in the future, and we'll continue to invest as we need to do so. The last aspect is around wage inflation. This number at 9% also includes the impact of promotions, another one-off increases through the year. That then steps down to an EBITDA of GBP 6.3 million, which is up 7.9% year-on-year. The next line down, at depreciation, amortization, and interest, is actually improved by GBP 0.2 million year-on-year, but that's largely driven by an increase in interest income that we have in the period. The levels of depreciation and amortization are broadly consistent year-over-year, and that reflects our profile of capitalization and fixed asset acquisition, depreciating at the same rate as we acquire new assets. Those altogether step down to a profit before tax of GBP 5.2 million, a 15% increase year-over-year. Where our current EPS is, is at 19p, so a 2p increase year-over-year for a basic EPS of 19p. If we then turn over to the next slide, this is the setting out the split of net revenue. As we said on the previous slide, total net revenue is up 13% to GBP 22.7 million. If I look at technologies, we're up 22% to GBP 6.3 million, and that's reflective of the two new contracts and the two extended contracts I referenced earlier. Markets up by 7% to GBP 10.9 million, and that's against the backdrop of lower market volumes. So even against that backdrop, we still are driving a 7% increase in revenues. If we step down to data, we're up a very sizable 24% to GBP 3.7 million. And that's as we see the benefit of previously announced price increases flowing through in 2023. And last, and by no means least, we have the AQSE stock exchange. So revenues are up by GBP 0.2 million to GBP 1.8 million, and that's against a backdrop of very, very limited capital market activity with very few IPOs across the market. If I then turn to the other number set out, and this is just a short extract from the balance sheet, just focusing on cash. So we're up GBP 14.2 million to GBP 14.8 million, an increase of GBP 0.6 million year-on-year. But it's probably highlighting the other sort of cash movements that we've had within that period. So above OPEX, what we have achieved has been the investment of $0.75 million in OptimX. So as Alasdair will talk about later, that expands our product offering into the world of block trading in the future. We've also transferred GBP 1 million of cash into the employee-based trust. That's hedging us very well against any future increase in share price for share options that have been granted. And last, and by no means least, as I alluded to earlier, we've spent GBP 0.75 million on fixed asset additions. So what we are seeing above OPEX is we remain strongly cash generative with GBP 0.6 million additional cash above those items that I've set out. The cash balance that we retained of GBP 14.8 million really does provide an opportunity set for us in the future to invest for our further growth. If we then turn to the next slide, for those of you who I've talked through before, this remains my favorite chart. Rather than just boldly setting out the GBP 18.3 million increase since 2018 for revenues, what I would focus on is a chart on the left-hand side. This really does show the benefits that we're seeing through the diversification of our revenue streams over time. So particularly from 2021 onwards, you're seeing the increased importance of technologies revenues and also data revenues to our overall revenue composition. Then if you step to the chart on the right-hand side, obviously the pie chart on the bottom right-hand side, you'll see the impact that has on our Aquis Markets exchange revenue. Back in 2018, that made up 70% of our revenues. For the first time, that is now below 50% at 48%. That really does show how we have now fully diversified our revenue streams. It's against that backdrop of diversification that has enabled us to produce such a strong set of results in a very difficult financial market. On that, I'll hand back to Alasdair to start the first of the divisional highlights. Richard, thank you very much indeed. Well, Aquis Markets, this is the secondary trading. We now have 6,500 stocks. We actually added an additional 3,000 stocks in the first part of this year. So at the end of last year, we were 3,500 stocks in 16 markets. We are a major part of market structure in both the U.K. and in Europe. One in 20 transactions across the whole of Europe here, in terms of value, are actually executed by Aquis Markets. 2023 was a really key year for us because we also completed a strategic initiative by completing the product suite that we wanted. We have a Lit Book. We have a Dark Book. We have a Periodic Auction. We have a Closing Auction. We introduced conditional order types, and we invested in OptimX in order that we can have block trading. That completes our initial objective to be able to have a complete suite to be able to offer to our clients today. What we did see, though, and one of the changes we've made and I want to talk about, was the rule change in November last year. If you look at this slide here, what we did was that prop trading firms that used to not be able to cross the spread, we allowed in November to cross the spread. But also we added a unique feature, which was we allowed those market makers to decide whether they wanted to transact with this flow or not. Nobody else in any exchange, we believe, in the world has actually done that. That meant that it allowed every type of market participant to enter the market. What you can see here is that the time to execution, the reason why we did this is the time to execution was slower on Aquis. Admittedly, it might be in milliseconds and microseconds, but the banks noted this, and they viewed that time to execution was actually more important than some of the other benefits that Aquis had, like toxicity, etc. So what we did is by changing this rule and by allowing the prop trading to trade against the bids and offers aggressively, meant the time to execution rapidly declined. That had an immediate impact. You will see on the top left-hand chart, which is the overall market share, our market share in November was just under 4.5%. Today, it is just under 5.5%. On the bottom left-hand side, you can see the direct impact of lit. While lit was slightly improving before, as we had explained to people what we were trying to do, you can see the immediate effect afterwards. Quite interestingly, though, you will see that other products have also benefited as we've grown our market share in lit, an increase in MaC, an increase in our dark pool, the Aquis Matching Pool. If you look at the next slide here, it explains really, really clearly what the impact has had on the banks rather than liquidity providers. We wanted to attract more market share from banks, and we found that we couldn't. So by changing the rule, 18% of our passive order flow, the supply, in other words, to our platform had been by banks. Today, that is at 41%. And we know that a large number of banks have still not properly adjusted the smart order routers. So we expect this to increase, and we know that this rule change has actually worked. I mentioned OptimX before because that is another thing that we would expect. That investment is going to allow us to enter the block trading space via OptimX. They will trade through the Aquis platform, and that will help us also with market share. And we expect them to go live sometime this year. Oh, importantly also to mention that these are difficult times. Market volumes have declined, and you would expect at that point people might pull out of the market and whatever. Our membership did not decline at all, despite the fact that there were certain acquisitions during that time we were able to maintain 42 members within our system. The big question is, how do we get to the promise that I gave you all as investors when we founded this business? I believed, and I still believe today, that Aquis will become one of the top three players in the European markets. You can see on the list on the side what that really means. To be a top three player, you've got to be above 10%. I believe that we can do that in the medium to long term. If you look on the left-hand side and you look at the chart, we are currently 2.62% of the entire market, that's all the different products and things, within the lit book. With the changes we've made, I'm asking, can we actually get to double that in the medium term? The answer to me is very clearly yes. We will continue to monitor the progress we've made. It will not be a straight line, but I am really confident that that is now achievable. If I look at the dark pool, this is the assets, the business assets we bought off UBS, the UBS MTF. When UBS MTF, before Brexit and before all the issues, it used to be at 2% of the total market. Today, we've taken it from about 0.3%-0.9% in the short time that we've had it. And with the advanced technology and the changes that we will continue to make in dark pool, I absolutely believe that we can get to above the position that UBS had. In the periodic auctions, we're making significant progress there. Admittedly, there are some changes we need to do. But can we double it from where we are with 0.44%-1%? I'm absolutely confident there. Closing auctions, we've already now got to 1.5% or pretty close to 1.5%. We only need that if we're going to achieve 10% minimum to get to 2%. Yes, I absolutely believe we can do that. So the promise I made a while ago that we will become top three, I am convinced we can achieve in the medium to long term. I now want to look at the technologies business. Let's have a look first at the history behind the technology at Aquis. When we founded the company, we created our own technology, developing at the time the fastest matching engine we believed in any exchange group around the world. From that, through a project that you've all heard a number of times us explain between Amazon Web Services and the Singapore Exchange, we started to look at cloud deployment for our matching system. That successful project allowed us to develop Aquis Equinox, the world's first 24/7 matching engine. Moving to the cloud, we believe, is inevitable. We've actually done it in our recognized investment exchange, the Aquis Stock Exchange, operates in the cloud today. Nobody knows exactly when that shift will happen. But when you look at what exchanges and central banks want, is that within the period of a contract, they want to know that they have the ability to move from where they are today as a data center into a hybrid model first and then move ultimately into the cloud. We are the only company in the world that can actually achieve that process today. It is the very reason that when we look at the major suppliers there, that we have beaten them 3x in the last 18 months. We have nine contracts, of which seven of these have been recognized for revenue. And of course, the absolute watershed moment for us is achieving our first central bank. That is key to us because having an RIE license and being able to have and develop this unique opportunity to move from data center to cloud within a reasonable period of time, and then now selling to a central bank where the RFP process is very long, that we have beaten and proven Aquis Technologies. We have a very strong contract pipeline. The average technology contract time you can see on the chart there, what is left is something around about 3 and a bit years. Most of our contracts today are around 4-6 years. But they are not 4-6 years because, as we've shown with the RFP just with the central bank, we were talking for nearly 18 months to two years beforehand. We're not intending to deliver till 2026. So national exchanges and central banks have an RFP process that is very long. They will not buy something for five years. In fact, most of these people keep their technology between 15, 20, and even 25 years. So this is long-term recurring revenue for us. And that is what makes me so excited about the business. If you look at the next slide here, as I said before, we believe we're in the top five players globally in terms of provision of exchange technology. We actually think at this point we are pretty much the number one because of the unique nature of the product. We've been approached by a number of national exchanges and in certain cases actually been shortlisted already. We have researched what is the total addressable market in financial institutions around the world for this type of technology. It is around 350. Today, we have nine. In the medium term, I believe we can at least attract 5%-10% of that. In the long term, I can see no reason why we shouldn't be able to go at 20% of that. It is for that reason that we have decided to continue to strongly invest in the development of Aquis Technologies. Now, this is a slide that I know a number of you have asked for because there is no doubt that the accounting standards and the way we look at this makes us look as if these contracts, the revenue from here, is taken in a very lumpy approach. And in the past, we've tried to explain this. But I think what everybody's wanted to see is, what is the cash impact to the company? And what really is the opportunity from this business? If you look at the red segment here, you can see that a line 2023 says that at 2023, GBP 2.1 million of cash is being generated from the contracts that we already have in place. And those contracts started in 2017. And we're looking five years forward here right the way out to 2029. What I've said to you before is that these almost certainly will get extended. So far, we've never had somebody not extend a contract. I won't say it will never happen, but the likelihood is that this will happen. And certainly, if you start trading with mature businesses like national exchanges and central banks, they will extend the contracts. Let's assume that all of those contracts are extended and then see what happens to the cash position, which is the grey, the dark grey segment. That's GBP 8.6 million of potential cash on a contract extension. But actually, we're not going to sit here and do nothing. We are the leader in this technology right now. And let's make an assumption that for the last few years, we've signed two contracts. We signed it last year. So when you look at the total addressable market, you can see that two is not just, you know, a ridiculous number. It is perfectly possible to achieve two contracts. What does that do to our cash position? Well, if you take the average contract without price increase, the average length of time, and the way we look at that right now, that would add an additional GBP 14.6 million of cash between now and 2029. We currently have GBP 21.2 million cash generated, of which GBP 13.1 million is still owed to us. But if you were to do and the grey and the light grey segments are achieved, which we believe is likely and possible, then that actually moves to GBP 44.4 million. And if you look at the total addressable market and we achieve what we think is possible there, then that grows further. For that reason why, you know, is why we are all at Aquis really, really positive about the technologies business at the moment. I want to now pass back to Richard for data. All right. Thank you, Alasdair. Yes. So for the data division, GBP 3.7 million data revenues now account for 16% of our net revenues. And if we look year-on-year, net revenues are up GBP 0.7 million. And that's as we saw the benefit of the previously announced price increases in September 2022 that took impact in 2023. Then as I look forward into 2024, I'd note that we announced further price increases in September 2023. So those have taken effect from the 1st of January and will play out through 2024. I would also note that we announced that we will start to charge our members for data. We announced that in February and will take account at the start of the half year. The estimated annual revenue impact of that is GBP 0.7 million each year. So already we see the strong revenue growth within the data division. But it's perhaps even beyond that, the revenue opportunity that most excites us is the potential for the Consolidated Tape. On this, our message remains clear and consistent as previously announced, that we believe this is a case of when and not if. Over the last six months since we last reported, we've seen very good progress in the regulatory space. Our assessment of when we believe revenue will be derived in 2026 remains consistent. So for us, it's a really exciting opportunity. We believe that we will probably see through this year and maybe the start of next year other contenders putting their hat into the ring to be the consolidated tape provider. Currently, one consortium has put themselves forward. We would expect to see others shortly. I think that is perhaps the strongest evidence point we have that this will happen. Other people are seeing this and believing it and taking steps to get ready for when it does come into play. I think it's a very exciting opportunity that lies ahead of us there in the data division. If I then turn to the next slide, looking at Aquis Stock Exchange, we've delivered another very good year with net revenues up to GBP 1.8 million despite that challenging market backdrop that I referenced at the start of the year. But for us, probably the most pleasing aspect of the performance is that in that difficult year, we are increasingly seen as the home for future growth companies. So in 2023, we saw 16 IPOs. And for the second year running, that is the most number of IPOs on any UK growth market. And I think actually it's the next slide, perhaps the one I'm most excited about here. If you look at this, this is setting out the proportion of where IPOs are going year-on-year. From since we acquired AQSE, we are seeing an increasing proportion of those IPOs come to Aquis Stock Exchange. And we've also seen the success of our model, the splitting between Access and Apex segments. And in the year, we're pleased to say that 3 of the companies have graduated from Access to Apex. So they've met the size and regulatory criteria that we set for that. So another real evidence point that the model is working. Now, in the near term, we don't see material revenue progression from AQSE. But we do continue to see a huge credibility and market benefit through Aquis being associated with the Aquis Stock Exchange. We've spoken, for example, about the Colombia Central Bank contract that was won in the period. The fact that we are running a recognized investment exchange is critical in that process. The credibility that we derive from our markets, business, and through AQSE stands us in such good stead for those technology wins. So we also continue to see a future significant revenue opportunity within Aquis Stock Exchange. So not in the short or medium term. But we believe that as we continue to drive in future more beneficial markets, a higher level of issuers, up to multiples of 105 that we hold now, imagine the data revenue opportunities that could exist, the potential for indices, the potential for UK growth indices. We believe there is a significant future benefit there over and above the market credibility that it provides to us now. So very pleased with the performance in the year and also the future opportunity set that it provides. So on that note, I'll now hand back to Alasdair for some concluding remarks. Look, I think everybody knows how positive I am about this business. But since we IPOed back in 2018, we have driven revenues more than 400%. We have a proven track record. And I think people are starting to have a lot of faith in our ability to deliver. If you look at the diversification that we've made, not only within each segment such as the products within the Aquis Markets, but also the diversification of our business, which Richard showed when you look at the actual revenue streams, you can see that we, even in difficult times with headwinds, have been able to continue to grow because of that diversification. There is a really, really exciting opportunity set here and potential income. We look at the Consolidated Tape. Again, Richard mentioned it. I was at a conference yesterday, and everybody was mentioned. Everybody believed that the U.K. and the European tapes would be in existence by 2026. What does that mean to us? We believe that the revenue opportunity there is at least 100% of what our current data revenues are. We have an experienced management team. People might say that I'm old, but the team around me is very, very experienced and extraordinarily good. We will consistently innovate. That is exactly what our reputation is. We will continue to challenge within the markets. We will continue to drive that innovation. We will continue to invest where we think it's strong. Where we look at the technologies, that opportunity, the more we get into it, the more we see our position there, the more we think that can dramatically change the outcome for this business. I cannot wait, after all the headwinds we've had from COVID, from Brexit, from geopolitical issues, from war in Europe, to when we start getting a tailwind. We all know this business is cyclical. I believe now that that cycle is starting to change. I can't wait to be reporting to shareholders when we actually have a tailwind. Our outlook for 2024, though, absolutely in line with board expectations. And I'll now open it up to any questions that you may have. Thank you, Alasdair and Richard. As Alasdair mentioned, we'll now open the floor up to written questions, which you can submit using the option on screen. The first question we have has come in from Rahim Karim at Investec. And he says, "You mentioned the fact that not all banks have rerouted their smart orders to take advantage of the rule change. Can you give a sense of what this can mean for your market share if this were to happen? And how long do you expect this could take?" Well, I mean, the difference is that the technology capabilities of various banks differs enormously. There are one or two banks that literally can be changing overnight. There are other people who look at their best execution policies on a quarterly basis, some even on a half-yearly basis. Then they look at prioritizations for the changes they make. So I don't want to sound like a sort of politician and defer the questions. It's almost impossible to guess. What you can say, though, is that best execution overrules. Every bank today has a best execution committee. And we are obviously showing them the evidence. When you look at our sales team, you've got to remember a lot of the sales team is quantitative analysis. That's what Stock Exchange Sales is. And it's the analysis to identify the time to execution, how we differ from the other venues that are out there in terms of lower toxicity, and actually showing the markouts and all this detail to clients and showing and proving to them why Aquis is a better place, which is why I said we will see market share grow. I'm not certain I can say exactly when and at what time. But it'll be a step process. It'll go up. It'll level out for a period. It might even come back for a period. And then it will go back up again as each of these customers come in. And quite often what happens is they'll start, and then they'll re-engineer their smart order router over time. So you'll see some of the change happen already with some of these banks. The more you trade, the more they then switch the dial, and the more positive it becomes. We saw the opposite effect happening to us over the last two years, is that if it declines, then they start switching down. We were seeing that because of that time to execution. That's why it was so important for us to make that trading rule. It now makes us with it gives us the huge opportunity to be able to grow that market share to where we said it would get to. Thank you. The next question is, "Congratulations on the Colombian win. Can you provide some context around the sales cycle here and who you're up against? Why do you think the client chose Aquis? And have you had any incoming off the back of this win?" Well, I can answer the last bit first by saying yes. I think that was expected, and we probably wouldn't be really disappointed. So yes. And certainly know we're being talked about. And we also know that the competition is probably not terribly happy, particularly as we've beaten them three times. The cycle here is long. We started talking to them probably 18 months ago. And as we said, we have people in Colombia the last two weeks. There's a lot of work to be done in the planning. It's about execution now. And it's about making quite certain we can get that delivery. And we're expecting that delivery to be in 2026. So that's a sort of two-year forward from here. But you've got to remember that we do this deal not with the likelihood that we're just going to have a five-year contract. There's no way that they're going to change that. That contract will be there for many, many years to come. And I think the point, the last point you made is, because it reached the headlines, there are plenty of other central banks and exchanges around the world. I mean, even at the conference I was at yesterday, people were coming up saying, "My God, you really have shaken the technology space here." And you get approached all we're getting approached a lot now. It's great because for the first time, we're getting inbound phone calls rather than actually making phone calls. And that is a real watershed moment for Aquis. Thanks, Alasdair. And a third question from Rahim is, "Can I understand what role, if any, you intend to apply for with respect to the consolidated tape provider?" I think at this stage, we would probably say we're keeping our options open. I think in the E.U., especially, we're seeing increasing clarity of what would be likely asked for a consolidated tape provider. And I think there's some interesting opportunities that exist there. So I think we, as others, are looking to see exactly how that might play out. So I would not probably say much more than that. But I think there is a real opportunity for Aquis to be part of that process. Thanks, Richard. And the final question from Rahim is, "Given the move towards consolidated tape, can you explain why you've chosen to start charging members for data today?" Yeah. I think it's really important that in a new consolidated tape, people ought to know what the opportunity when we look at whoever is the provider and it may be, as Richard said, maybe an opportunity for Aquis. It may be a third provider, whoever it is. What is key to us that there is a consolidated tape and it has the right governance and it has the right structure? But it's also important for us that we got to a stage in our business saying, "Well, actually, everybody else is charging for data." We want to make quite certain that people recognize that we are also charging for data. And therefore, in the future, those data revenue streams are guaranteed to come to us. So it is a sort of insurance policy for us as well and also a revenue stream. We'd always predicted we were doing that. So as Richard said, he told you the sort of the benefit of it for this year and what we would expect going forward. But the key here is about building market share. We can capitalize. And as I said before, we are really expecting, even with the charging of members, to see at least 100% increase on those data revenues. Yeah. And I think I'd follow up. I mean, the natural corollary we're looking for here is we drive market share up. All else equal, it's not just a benefit we'll see in our markets revenue. It's the increase in scale of the future opportunity for consolidated tape revenue. Every percentage point gain that we make in market share is going to pay back further in 2026. It is not just the revenue play in the current period. Thanks both. And on that note, we have a question here from Ben Williams at Hannam & Partners who asks, "What do you believe is the likely range of Consolidated Tape data sale revenues in 2027, if it happens, and based on what assumptions?" Sounds like a numbers question, Richard. Yeah. This is a tricky one. We've obviously had a number of people come up with a number of numbers. The rules on how the revenue would be allocated back to people who provide the data has yet to be established. So nobody's able to exactly calculate this. What we have looked at is the data distribution or the revenue distribution in the U.S. And if we see that as a natural proxy, what we believe is the floor is probably a doubling of the current revenue. So currently, this year, it's GBP 3.7. We believe that it would be at least that amount that we would receive incrementally. That would be based on a current market share of 5%. The obvious point here is that GBP 3.7 million is what I would describe as a floor. I think it could be higher, but until we know that rule set, no one can really say. But then if you imagine or believe the increase to 10% market share, you've just doubled that GBP 3.7 to a GBP 7.4 million incremental gain. So no, it's a very exciting revenue opportunity set. And I think as the rules become put out into the market over the next year or two, we'll be able to provide more precision about what we believe the quantity of the revenue opportunity would be. But I hope that gives you a sense of how we're viewing it and the ballpark set of numbers. I've heard some numbers which are substantially higher than that, but it's, I think, worth waiting to see where that rule set lands. The other thing to look at on that is that's the revenue side. The profit side from that is you've got to remember the margin on this is 99%, practically. I mean, it really is we're providing the data already. It's a very, very high margin. It will change the margin of the company. Great. Thank you. Another question from Ben is, "How much of the market share boost from November rule change has happened?" Well, I think we've got that in the slide there. We've seen the lit market share we've seen the market share go from just under 4.5% to just under 5.5%. That's a pretty significant change in a period from November where December is remarkably quiet because of the end of year and also Christmas and holidays, etc. So into January and February, to see that change happen already to that degree, I think should show the success it's having. As I say, please don't go, "Well, if it's done for January and February, that's what's going to happen in February, March and April and May and June, etc." That would get us to sort of 10% so quickly. I don't think that's going to happen. I've said very, very clearly, 10% medium term is absolutely possible. Great. And a question from Portia Patel at Canaccord, "Is there any more clarity you can shed on technology's pipeline? You mentioned it is strong. The total addressable market for technologies is useful to understand. Do you think there are still exciting opportunities to sell technology beyond financial services, as you have previously alluded to?" Yes, I do. But I think the total addressable market of 350 is probably higher than people think because immediately they go around and think of only the national exchanges like NASDAQ or NYSE, and are we going to sell to those or the London Stock Exchange? Probably not. I think people are then surprised when they find out just how many exchanges there are in the world, how many different products, how many different opportunities there are just within financial services. That doesn't take away the opportunity that this company has by selling outside of financial services where the total addressable market is significantly higher than just the 350. So I mean, that is trying to sort of show people what an opportunity we have and why we are both incredibly excited about this and why we want to invest in them because that is this is a game changer for us. Thank you very much, both of you. That is the end of questions and brings this morning's presentation to a close. Alasdair, I'll hand over to you for any closing remarks. Well, look, I'd just like to thank you all very much indeed for the support that you've given us in the past and the support you're currently giving us. Appreciate you being on this call. I think you get the message probably very clearly from Richard and I that we're really, really pleased with the way things are going right now. Thank you all very much indeed. All right. Thank you, everyone. Take care.