Good day, ladies and gentlemen, and welcome to the London Stock Exchange Group Q1 investor and analyst call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session through the phone lines, and instructions will follow at that time. I will now hand over to Paul Froud to open the presentation. Go ahead, sir. Thank you very much. Good morning, everyone. Thank you for joining us. On the call are David Schwimmer, Group CEO, and Anna Manz, Group CFO. In terms of the format, first of all, Anna will talk through our Q1 results in just a moment, and then we'll open up the lines for Q&A. Just as a point of housekeeping, if you want to ask questions, then you need to be dialed in on the number provided in our release this morning. With that, let me hand you over to Anna. Thanks, Paul, and good morning. I'm pleased to be here this morning to discuss our Q1 results. This is the first time we're reporting LSEG and Refinitiv as a combined group. We delivered good performance this quarter and made good progress on the integration of Refinitiv. Before I get started, I just wanted to remind everyone that as usual for our quarterly updates, we've only disclosed income and cost of sales. We're not updating our financial targets, and they are unchanged. Our good performance in the quarter reinforces our continued confidence in their achievement. Let me turn to the results reported this morning. I'm going to focus on the pro forma results at constant currency and adjusted for the deferred revenue haircut, as this gives us a like-for-like comparison year-on-year and the best view of our underlying performance. Total income, excluding recoveries, rose 3.9% to GBP 1.7 billion, and gross profit was up four percent at GBP 1.5 billion, driven by new business and strong customer retention. In data and analytics, underlying revenue was up 4.7%, which was a strong performance. I'm going to unpack this for you by proposition. Trading and banking solutions fell by 0.2%. We saw good growth in banking offset by pressure in trading. We're pleased to see that the decline in trading has improved, and we saw good growth in our commodities, FX, and investment banking offerings. This proposition will remain an area of focus and investment, including the roll-out of Workspace starting later this year. Enterprise data grew by 3.1%. It was driven by strong customer demand for our non-real-time pricing and reference service data. Enterprise data is on an improving growth trajectory. This reflects our ongoing investment in new datasets and growing market demand for more breadth and depth of data delivered via feeds. Investment Solutions, which contains our FTSE Russell business, grew 6.6%. This growth was underpinned by a pickup in subscriptions in FTSE Russell, which was up eight percent, and record ETF assets under management, which closed the quarter at GBP 956 billion. Wealth Solutions increased four percent. This reflects organic growth and the additional contribution from the Scivantage acquisition last year. Results were partly offset by the drop in the transaction-related revenues of our beta business compared to the high trading volumes last year as a result of the pandemic-related volatility. Finally, within data and analytics, the Customer and Third-Party Risk business grew 34%. Half of this increase came from acquisitions of GIACT and The Red Flag Group in the last quarter of last year, and the remainder was strong organic growth, particularly in the entity screening business, World-Check. Moving on to capital markets. We're reporting here now by asset class: equities, FX, and fixed income. Equity revenues were down 1.6%. We delivered good primary market performance with heightened IPO activity. Trading volumes in the secondary markets were lower against a strong prior year comparator, which benefited from COVID-related volatility. FX trading revenues were down 6.3%, and this was a similar story to equities in relation to the strong prior year comparator. Finally, within capital markets, the fixed income derivatives and other segments delivered a 13% increase in revenues. Most of this line is driven by Tradeweb, and they'll release their Q1 update tomorrow. Tradeweb had a record quarter with over $1 trillion of average daily volume traded, up 18% year-on-year. There was strong growth in the U.S. government bonds and European and U.S. credit trading, reflecting volatility in those markets. Turning now to post-trade business, where revenue growth was up 5.4%, excluding NTI. This was a resilient performance against strong figures last year. Total income fell one percent, reflecting the expected drop in NTI income. We've split the post-trade business into four revenue lines. This aligns with how we manage the business and gives better insight into some of the key revenue drivers, such as non-cash collateral. OTC derivatives revenue grew 1.1%, reflecting the resilience of SwapClear. The large fall in overall notional cleared was offset by strength in client clearing volumes in March on longer-dated swaps, which attract higher fees. This was driven by market volatility associated with the ongoing debate around potential reflation and central bank policy. Securities and reporting revenues grew 8.3%. There was strong growth in the euro-denominated repo volumes as customers took advantage of balance sheet and settlement netting efficiencies provided by the service. Equity volumes continued to perform well, although they were down on the high volumes from prior year. Non-cash collateral revenues were up 16% as a result of an increase in the average non-cash collateral balances. Net Treasury Income, or NTI, was 16% lower, reflecting a strong prior year comparator. This quarter, the cash collateral balances and returns are at a more normalized level. Let me now touch on a few other areas. Our integration plans are being rolled out at pace. We've made a good start on synergies, having already achieved run rate cost savings of $40 million. This comes from immediate opportunities such as headcount reduction and some property consolidation. I would not extrapolate this Q1 achievement as the ongoing run rate for the rest of the year. That said, we've made a really good start, and we're very confident of achieving our 25% run rate cost synergy target by the end of 2021. We've also made good progress on revenue synergies. These take longer to develop and to realize the benefit, but I'm pleased that we've started to build the foundation so quickly. We've launched 17 new or enhanced products as a direct result of the Refinitiv acquisition, and we're starting to cross-sell our products, notably between FTSE Russell and our pricing and reference services clients. Some indices have already moved to our PRS data, and other changes are in the pipeline. At the end of the Q1, we refinanced a significant proportion of the GBP 8 billion bridge facility, which was drawn down at the completion of the Refinitiv acquisition. We issued GBP 5 billion in bonds, EUR 2 billion in euro, across a range of maturities with historically low rates. The remainder of the bridge facility will be repaid from the proceeds from the divestment of Borsa Italiana. Having moved quickly, we're in a good financial position, and we're comfortably on track to achieve our target leverage ratio of one to 2x within 24 months of the completion of the Refinitiv transaction. Finally, you'll have seen that we've announced an investor update on the July 2, with a further event being planned for later in the year. We look forward to providing more insight on our business then and providing more information at our interim results in August. With that, I will pass to David. Thank you, Anna. I am particularly pleased with our results, given the comparison to the strong Q1 in 2020 and the progress we're making. The integration of our people into one team is going well. We are seeing the benefits of the diversified global business of LSEG, and our engagement with customers is benefiting from the increased opportunity set that we have. We've delivered a good Q1 result. Integration is on track and going well, and we've made a strong start to realizing our target cost synergies. We successfully refinanced the group at attractive low rates and are close to the divestment of Borsa Italiana. As I said, I'm pleased with the progress and results so far. Let's now turn it over to Q&A. Operator, can you please open the line for our first question? Thank you. If you would like to ask a question, please just press a star and then one on your telephone. The first question comes from Philip Middleton from Bank of America. Please go ahead. Thank you both for that. Given that you've both talked about increased confidence of realizing your targets and you're pleased with the results so far, I wonder if you could comment on a couple of things I keep being told. The first is that Refinitiv was not the business you thought you bought. When you unwrapped it wasn't the color you thought you'd clicked on, and therefore you're frantically having to invest to deal with that. Could you comment on that in the light of these results and commentary? Also, presumably you're reaffirming your cost to achieve guidance, which is not something that's been talked about a lot, but has to be in your cost space. Could you comment on that one too, please? Sure. Thanks for those questions. Refinitiv is exactly what we expected. We had done a lot of due diligence before we announced the transaction. We've done a lot of integration work before we closed the transaction, and we're making good progress now that we've closed the transaction. We are as excited, if not more excited now, about the strategic transformation that this provides for LSEG. Feeling very good about that. Anna, if you want to take the cost to achieve question. Yeah. I’m happy to reconfirm all of our targets, that we’ll deliver GBP 350 million or more of cost synergies and the cost to achieve will be GBP 550 million. I’m pleased that we’re exactly where we expected to be at the end of the Q1. So far, we’re well on track. Okay. Thank you very much. Thank you. Thank you. The next question comes from Andrew Coombs from Citi. Please go ahead. Yeah. Good morning. Three from me, please. Firstly, just to follow up on Philip's question. There's obviously some confusion, I think, in the investor community on your investment spend guidance on the GBP 1 billion that you outlined for this year. When you look at that number, I know you obviously haven't commented on today's. Today is focused more so on revenues than on synergies. Perhaps you could just provide, now that you've had three more months of insight, the breakdown there between resilience, efficiency, growth, and perhaps elaborate a bit more on how much is expected to recur beyond this year versus not to repeat. That'll be the first question. The second question is a more simple one. The acquisitions, Red Flag and GIACT and customer third-party risk. Could you just quantify the revenue contribution from those, please? Finally, cost of sales. Only up 1.7% year-on-year versus 3.7% increase in revenues, including recoveries. Could you just give us a feel for what's driving cost of sales, and should we expect that to continue to grow at a slower rate than the revenue line? Thank you. Taking those in order. Our guidance for the year is unchanged, which is mid-single digit growth on our cost base on a constant currency basis. We've also guided to GBP 850 million of CapEx. Nothing changed there. We're exactly where we expect to be. We're on track. At the full year, I talked everybody through that and just to sort of reprise that a little bit. We talked about an investment of GBP 1 billion, which is GBP 850 million of CapEx and GBP 150 million of OpEx. On the CapEx, we've described run rate CapEx, consistent with what the two groups spent previously of GBP 650 million or so and GBP 150 million-GBP 200 million associated with achieving the disposal of Borsa Italiana and delivering on the revenue and cost synergies across the group. We're exactly where we expect to be on those investments at this point. We talked about OpEx investment across a number of things, including resilience, efficiency, and growth. Again, we're making those investments to improve our resilience. We will see over time benefits in efficiency. We're investing in the incremental sales people, incremental data sets that will support the sustained growth of the business. That's just a quick recap on that. The cost of sales, I can't remember your main question. It was a revenue contribution from Red Flag and GIACT. I'm not to give you the exact breakdown, but I'd say that the non-acquisition related business grew well, grew double digits and with costs, the growth of that proposition. That will allow you to size it. Cost of sales, so just to whip through that. Cost of sales don't relate directly to revenue, which is why you do see slight differences in movement. Just to give you some color, the data and analytics cost of sales includes things like the Thomson Reuters News agreement, some recoveries, data recoveries, and things like that. They're things that don't fluctuate materially. There's been some small movement in the quarter, single digit GBP million, that's associated with some moves in data costs and royalties. With respect to capital markets, again, it's a tiny number. Because it's a small number, a GBP million move shows up. Really what's moving things there a little bit is that as we include Tradeweb, it's got a slightly different margin. With respect to Post Trade, it's the costs related to the OTC services and NTI, and it's associated with the share of surplus that's paid out to founder members. As NTI has dropped, so has cost of sales in Post Trade. You would expect to see that relationship continue. Thank you. That's helpful. Thank you. The next question comes from Michael Werner from UBS. Please go ahead. Thank you very much. Two questions from me and maybe a little bit of a follow-up. I was just wondering as well, just with regards to kind of Red Flag, GIACT, also maybe the contribution from Scivantage within Wealth Solutions, just trying to get down to more of a organic growth rate, X, obviously your acquisition of Refinitiv. Secondly, you indicated that your guidance hasn't changed in terms of cost as well as CapEx. The GBP 850 million of CapEx, is that on a constant currency basis, or is that on a notional basis? Thank you very much. Thank you for those questions. Rather than go into the detail by acquisition, maybe it would be helpful to say to you that the impact of the three acquisitions that Refinitiv made last year on the data and analytics growth is about a point. Hopefully that would just sort of help you with your last thing. Sure. sorry, that's a point within data and analytics? 100 basis points within data? That's a point within data and analytics, therefore less for the group. Okay. Thank you. With respect to CapEx, those numbers were constant currency. Thank you. Thank you. The next question comes from Arnaud Giblat from Exane BNP Paribas. Please go ahead. Yeah. Good morning. I'm sorry, just to stay with costs. I think this is really where front of mind for investors. I've got three questions. If we could take them one by one. My first question is just coming back to your guidance. GBP 150 million increase constant currency. You also indicated, in Q4, that there was another two percent growth thereafter. That means on a growth basis, you're coming close to 10% increase in the cost base. If I split it down, resilience, efficiency, and growth, and I look at what's listed on slide 15 Q4, some of these items seem one-off in nature or transitory. I'm just wondering if these costs eventually fall away or if you've just given yourself more leeway to invest further down the line. I think maybe we'll take your modeling offline because I don't recognize at all your 10% increase. Maybe we can pick up on that one afterwards. If I may. We're talking, call it GBP 120 million, GBP 130 million of synergies at net off. You did indicate a two percent increase on cost roughly in 2020 versus 2021, so call it high single-digit increase on a growth basis. I'm just wondering if there's anything transitionary in that. We've guided to mid-single-digit cost growth in the current year. It is made up of a number of things. It is made up of investment in resiliency, which some of the cost investment will mean that kind of two, three-year theme, which is maybe the one you're looking to from the results. What you've got in those, and of course, the CapEx costs, many of them are quite one-time in nature, like the cost to remove Borsa from the group, for example. The OpEx costs are more ongoing in nature, but they are higher in the short term because we will have a more efficient operating model on the back of it in the medium term. Okay. Got it. My second question is, obviously, there's quite a bit of investment going in. I think you're talking about investing for inserting FTSE Russell products through Refinitiv. Could you perhaps give us an indication of the investments required there, what they are right now? The CapEx costs, many of them are quite one time in nature, like the cost to remove Borsa Italiana from the group, for example. The OpEx costs are more ongoing in nature, but they are higher in the short term because we will have a more efficient operating model on the back of it in the medium term. Okay. Got it. My second question is, obviously, there's quite a bit of investment going in. I think you're talking about investing for inserting FTSE Russell products through Refinitiv. Could you perhaps give us an indication of the investments required there, what they are right now? Yeah. My second question was relating to some of the investments. I would like to pick out what you highlighted back in Q4, Russell Indices being sold through Refinitiv. Can you give a bit more color in terms of what those investments are and the timing in terms of monetization? As you know, this Q1 result is focused on the top line, but I'm happy to revisit the synergy opportunity in terms of bringing the Refinitiv data together with the FTSE Russell index business, and that's something where we've seen good progress already. As you'll recall, we talked about the notion of effectively internalizing some of the cost for FTSE Russell. Historically, FTSE Russell has sourced some of the data that is used in the indexes. Some of that has been our own data. Some of it has been from third-party providers, and third-party providers, including Refinitiv. Refinitiv is part of LSEG. We are in the process of moving the sourced data that are maybe from other providers to Refinitiv, and we're making good progress on that. Other areas where we are making good progress is just in terms of existing index customers now becoming customers of our data. It makes sense if you are an asset manager or a PM, you want to have access to the constituent data at the same time as having access to the index that you might be benchmarking against. Then we also have seen some other areas of opportunity, including using Refinitiv data to expand the product set and roll out new products on the index side. We've rolled out a number of new products already since we closed the transaction. So far, so good on that front. Maybe just to comment on the timing of realization of that. Okay. It's been really good actually to see in this Q1 that we've achieved our first sales with customers of some of these things. Now it's early days, and the revenue impact on the year won't be particularly material. From my perspective, it's really nice to see the lead indicators where they should be because it affirms that synergy value coming through. I wouldn't be expecting to see a material revenue impact in this year from it. That was helpful. Thank you. Finally, can I ask on Workspace, in terms of rollout, should we expect this to be fully rolled out with clients in 2021? Subsequently, is there a change in the pricing with clients on the back of the Workspace rollout? No change in pricing on the back of the rollout. As we mentioned, in March, we're in the process of rolling out Workspace. We talked about rolling it out to the wealth segment. That is ongoing. We are also now rolling it out to asset managers and portfolio managers, and then early days of rolling it out to the banking segment as well. This will be a multi-year process. We plan to continue doing that, and plenty more to be done, but good progress so far. Thank you. No problem. Thank you. The next question comes from Bruce Hamilton from Morgan Stanley. Please go ahead. Thanks. Sorry. I'll just follow on that question. On the Workspace, can you point to any client wins in wealth or any sort of specific successes that maybe aren't yet in the numbers but give you some encouragement that the progress is going in the right direction there? Secondly, just on the post-trade numbers, which obviously look pretty strong. In the securities reporting and in the non-cash collateral lines, are those kind of sustainable levels? Is there anything sort of slightly one-off in nature, or is that just a function of increasing activity on the back of steepening rates and more discussion there? Just to check. Thank you. On the wealth business, there are some encouraging wins in that business. I'm not in a position to put the customer names out there. We are seeing progress in terms of how that's being received. On the post-trade business, I think the right way to think about the post-trade business is that our team in post-trade is regularly working on expanding the opportunity set for that business. We could have this conversation about each of the asset classes, whether it's SwapClear, whether it's RepoClear, CDSClear. That can be the rollout of new products, new currencies, new currency pairs, new reference rates. It is not a situation where we're sort of sitting and waiting for market volumes to drive the business. Market volumes do have an impact on the business. We are also working to get regulatory approval for new products. We may see some of that in the coming months. We are working to expand the client volumes. As you'll know, the members tend to pay on an all-you-can-eat model, constantly expanding the client volumes is a good way to continue growing the business. There are a bunch of different aspects of the post-trade business, again, across the different asset classes, where the team is regularly working to improve and increase the growth opportunity set. I think we've seen that over this past year where in, for example, RepoClear, the combination of northern European euro-denominated repos and southern European euro-denominated repos in LCH SA in Paris, combined with the market environment, has led to a really attractive pickup in volume there. I think we had something like eight percent year-over-year growth in RepoClear. Related, a lot of that is due to the efforts of the team in improving the offering there. Got it. Helpful. Thank you. Yep. Thank you. The next question comes from Johannes Thormann from HSBC. Please go ahead. Good morning, everybody. Johannes Thormann, HSBC. Three questions, if I may. First of all, a follow-up on the cost of sales growth. Can you confirm that the future growth rate is always at a lesser rate than the total income growth rate? Or are there any factors which could make the cost of sales growth exceed the total income growth rate? Secondly, on the data and analytics business. Thank you for trying to provide more clarity on July 2nd. Do we get also some more KPIs at that date, where we can follow the business a bit more in detail? Could you at least now provide the usual FTSE Russell assets under management or benchmark assets as you did before, because to understand the FTSE Russell performance a bit better in the investment solutions. Last but not least, sorry, but the LCH business or the post-trade business, you've owned for several years, so I struggle to understand why you couldn't provide pro forma figures for the previous years with the new breakdown of the revenue reporting. Could you at least explain how the revenues have shifted from the old OTC, non-OTC, and other business lines into the OTC derivatives, securities and reporting, and so on. Thank you very much. Shall I do cost of sales? The way I think about it is, for the most part, for data and analytics, yes, you would expect that to, in all likelihood, grow more slowly. That said, it's a small number, changes in data sets could, in any given period, move it a little bit. Post trade is going to be a little bit more lumpy, because it reflects the member surpluses paid. Of course, that changes with the market environment, and really the levels of NTI income that we're seeing. Broadly, what you're saying is right over time, but in any given period, it can be a little bit lumpy. Capital markets, yes, at a business line level, cost of sales will grow more slowly than the revenues will. That's that one. Do you want me to do KPIs? Sure. We will provide KPIs at the half year for data analytics. Do expect to see more. We know you need more KPIs to understand this business. In terms of assets under management of subscriptions, we absolutely intend to ensure that that continues to be visible. Could you- Sorry. Sorry. Could you provide this data now, at least for assets under benchmark? Yeah. It's in the release. I think we closed the quarter at GBP 956 billion. Yeah. That's a record. Which is a record high. We broke the two growth rates out in the release as well. 80% growth in subscriptions and about seven percent growth in assets under management. Okay. Thank you. Didn't catch that. No problem. The alignment of the post-trade lines. Do you want to just run through that, Paul? Yes. I can do that. That we're concise. Johannes, you'll see at the back of the RS statement today that we've given the prior Q4 for 2020 on a pro forma basis with the new split out for our post trade. You'll find it there. In terms of what's moved, broadly, OTC is as it was, and we've also incorporated in there SwapAgent and compression. Securities and reporting is the line that is EquityClear, it's listed derivatives, and it's RepoClear. It's just aggregating those clearing services together. Non-cash collateral is just splitting out the earnings that we get from the receipt of non-cash collateral. As you know, we call collateral in two forms, in cash, which is reported as NTI, and that's unchanged. The non-cash, we've just split it out for the first time. That's the basis of the splits that we've given. Okay. Thank you. Thank you. As a reminder, if you would like to ask a question, please just press star and then one on your telephone. The next question comes from Ian White from Autonomous Research. Please go ahead. Hi. Morning. Thank you for taking my questions. There's two from me, please. I think you shifted the sales model in FTSE Russell, I think about a year ago now, to move away from regular price increases. In favor of a more product-linked consumption. What have you seen so far that has vindicated that change of approach, please, in your view? That's question one. I'm just wondering if you can provide any additional color around your pricing model, and specifically how you'll monetize additional data content that is provided. I'm conscious that you're not pricing, I think, by distribution channel or I think by user count, I'm struggling a little bit to understand what exactly the chargeable unit of output is on the data side. If you could provide any help with that, please, that would be much appreciated. Thank you. Sure. Yeah, just on the shift in our model in FTSE Russell, it is a little over a year ago now that we had been focused on investing more in the product development and research within FTSE Russell, investing more in new product rollouts, and investing more in the customer relationships so that those new products were what our customers were looking for. I would say less emphasis on price rises that were not necessarily attached to investment or value added in the product. We saw good progress in that over the course of last year, in terms of the number of new products rolling out, in terms of the partnership dynamic with customers, in terms of improvements in some of our customer surveys. That is consistent. We're continuing to see that. As we've mentioned this morning, we've rolled out a number of new products already since the closing of transaction. We're continuing to invest in our product capabilities in addition to the synergies of the transaction. We're continuing to invest in the customer relationships there. I view this as not an immediate or quick transition. We feel we're making very good progress, and we're in it. We're in that transition now. I would also say with respect to price rises, in terms of if we are adding value to our products, and adding value that our customers are recognizing, then that is something that our customers recognize and are willing to pay for. It's just about getting the balance right in terms of investing in the product, investing in the relationships, and then getting the appropriate return on that investment over time. On the pricing model, I'll touch on this, and Anna if you want to jump in as well, feel free. There are a number of different aspects to our pricing arrangements. A number of them are contractual, in some cases multi-year contractual. They depend upon what the customer is looking for in terms of access to products, access to certain workflow, access to content. Some of that is dependent on how they want to receive it. Some of that is dependent on what content sets they are actually looking to receive. Some of that is related to what is the quantity of consumption, if I may put it that way. Sometimes that's related to number of human beings, sometimes that is related to quantity of data that is accessed through the cloud or APIs. I'm not sure if that answers your question explicitly because we have a broad array of products and content, and delivery mechanisms, distribution channels. A one product arrangement or construct that we've talked about in the past is Refinitiv Access, which is close to being more of an enterprise model that gives a customer that uses a lot of our different services. It gives them access to all of those different services across the different distribution channels that they want. They tend to be multi-year arrangements. They tend to have a price rise on an annual basis that reflects some of the incremental investment that we are putting into those relationships to make sure that they are getting what they want from that arrangement. Hopefully that gives you a little bit of a sense, but it's not a one-size-fits-all, and I can't give you a specific description of how it works each time because it works in a number of different ways. Got it. That's helpful. Thank you. Okay. Thank you. The next question comes from Gurjit Kambo from JP Morgan. Please go ahead. Hi. Good morning. It's Gurjit here at JP Morgan. A couple of questions. Firstly, could you just elaborate a little bit more on the trading and banking solution, just sort of the trends, I guess, within the trading versus the sort of banking clients. What's going on there? Is one doing better than the other? That's the first one. Secondly just on the post-trade, around SwapClear. Obviously, SwapClear saw a couple of customers decreasing this quarter. What's sort of driving that? I know it's a small number, but within ForexClear and CDSClear, member numbers again are broadly stable. I guess, how do we think about growth in those other two businesses, and what's the catalyst for those two areas to grow? Those are the two questions. Thanks. Sure. Within the trading and banking solutions segment, I think probably the simplest way to describe that is that the premium trading continues to have a modest decline, whereas FX commodities and the banking sub-segments within that are doing okay, growing. That's sort of the dynamic there. Then on post-trade, and the question was specifically around how are ForexClear and CDSClear doing? That's right. I think they've sort of been broadly flat in terms of member growth, and obviously notional's down. What will sort of drive that going forward? CDSClear, first of all, probably just worth highlighting that SwapClear continues to be the significant contributor in that segment. CDSClear, relatively small market, we don't see an enormous catalyst for that to be growing dramatically as a market. Having said that, our market share in that market has ticked up over the last year. With respect to ForexClear, this is one where we expect to see growth ticking up in line with what I'll call the tailwinds of the uncleared margin rules. I think it's Phase V this September and Phase VI next September, of the uncleared margin rules rolling in and capturing a broader subset of the community that is putting in place trading in and for an exchange derivative. Therefore, as they go over the notional amounts that are captured by these broader tranches of the uncleared margin rules, more and more of them will either have to allocate capital under the uncleared margin rules, or they will see the benefits of clearing their FX derivatives. We are continuing our dialogue with clients in that area, making sure that everyone understands the impact of this upcoming regulation. We are onboarding, and working with more members. We feel good about the potential for that business and the potential for growth in that business. We also view that that will be a multi-year trajectory. This is not something where we get to this September, and we're going to see a massive spike up in volumes, because it is not a mandate to those customers to clear. It is basically an economic incentive, in terms of capital efficiency for them to clear, and we think that economic incentive will have its impact over time. Yeah. Thank you. Just on SwapClear, I know it is only two members reduced in the quarter. Any sort of driver behind that, and should we sort of assume SwapClear members are now sort of maxed out, and we sort of assume them being stable from here? In terms of SwapClear, that's a global platform. It's got 90% plus market share. I don't think we are expecting increase in membership to drive growth there. I think where we expect to see incremental opportunity is continuing growth in the client base, i.e., the clients who clear through the members, and there's more opportunity there. In terms of new product opportunities. Of course, there's a broader question, and we touched on this in our release. There's a broader question as to the growth that we've seen over the past 10 years has been delivered in an environment where central banks have been trying to indicate lower interest rates for longer, and really minimize interest rate volatility. It does feel as if the interest rate paradigm is shifting going forward. We're not in a position to predict that at all. We do think SwapClear is very well-positioned to take advantage of uncertainty or volatility in the interest rate market, that may be a result of either central banks changing their policies over time, giving different kinds of signals, or the market reacting to any of that. Of course, the inflation discussion has led to some incremental volumes that we've just seen over this past quarter. Thank you. Okay. Thank you. The next question comes from Ben Bathurst from RBC. Please go ahead. Morning. I've got two questions, please. Firstly, I was just wondering if there was any update on the thinking with respect to the possible change of reporting currency. That was something you mentioned you were looking into. I also wondered to what extent the accounting rules are kind of prescriptive in that respect, versus it being a decision that you can, or judgment that you can make. On the second question, which is on the investor event. Is there anything more that you can say to preview the 2nd of July 2nd? Should we be expecting that to be sort of an hour-long event, a couple of hours, or a day-long? Any extra color there would be welcome. Reporting currency, we are looking at it. While there are technical accounting rules, it is within our gift as to what currency we report in. We'll update you in due course. Okay. Shall I take the question about the investor update? At the moment, we're planning it to be a virtual event, so we're not going to take up all your day. Probably a couple of hours. We'll give an overview to the entirety of the data and analytics business. We'll take some deeper dives into three of those areas, into the trading and banking solutions business, into the enterprise data solutions, and into the third-party customer risk business as well. We will follow that up later in the year. We haven't set an exact date yet, we'll take some deeper dives into the other two areas that we won't cover in July, and we'll also take a look at some of the other businesses around the group as well at that point. Hopefully, over the course of the next few months, you'll get the investor event for a couple of hours. You'll get our half-year results followed up in August, an event towards the start or the end of the autumn, and then we'll be into our Q3. We've got multiple update points coming up in the next six months. I think that expect to get quite a lot of information from us over that time period. Great. Thank you. Thank you. The next question comes from Kyle Voigt from KBW. Please go ahead. Hi. Good morning. Just a couple questions on capital deployment. In the bridge refinancing, you issued a bit more long-term debt than we previously expected. It seems like most or all of the group's short-term debt could potentially be repaid this year, after the Borsa Italiana sale. Can you just talk about your preferred use of capital after you pay down that short-term debt that's outstanding, post Borsa Italiana divestiture? A follow-up question to that, you're in the middle of a very large integration. Just curious to hear how comfortable you would be executing on M&A as we get past the Borsa Italiana divestiture. Should we expect M&A to be limited to smaller type bolt-on type of transactions as you work through the integration? Thank you. Thanks. In the short term, we've been clear that our intent is to reduce our leverage down to the one - two times target range. We expect to be there well within, comfortably within 24 months from completion. Really in the short term, that is our focus. Do you want to talk about M&A, Daniel? Sure. Kyle, you are absolutely correct. We are in the midst of a large integration. We are, as Anna mentioned, we're focused on bringing our leverage down. We are focused on integrating the Refinitiv business. Would we consider small bolt-on acquisitions? Sure. The things that from a financial perspective, don't really move the needle, and from a strategic perspective, we could digest easily. You should not expect us to be going out and doing a very large, big M&A at this point. Bringing down our leverage, focusing on our integration will be our priority. If it doesn't meet our returns criteria. Yes. Thank you. Yep. Thank you. There are no further questions on the conference line. I will now hand over the presentation back to Paul Froud. Thank you very much. As you just heard, there's no more questions. Thank you for everyone who did join us today. Please do reach out if you have any further questions to the IR team. Otherwise, we'll end the call now. Thank you.