Greetings, and welcome to the Bolsa Mexicana de Valores second quarter 2023 earnings conference call. At this time, all participants are on a listen-only mode. A brief question-and-answer session will follow the formal presentation. If you would like to ask a question, please press star one on your telephone keypad. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ramón Güémez, Chief Financial Officer. Thank you. You may begin. Thank you. Good morning, and welcome to Bolsa Mexicana de Valores second quarter 2023 earnings conference call. Before proceeding, I would like to provide a brief safe harbor statement. This presentation contains forward-looking statements and information related to Bolsa that are based on the analysis and expectations of its management, as well as assumptions made and information currently available at Bolsa. Such as statements reflect current views of Bolsa related to future events, and are subject to risk, uncertainties, and assumptions. Many factors could cause the current results, performance, or achievements of Bolsa to be somewhat different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental, and business conditions, both in a global scale and in the individual countries in which Bolsa does business. Such as changes in monetary policies and inflation rates and prices and business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary considerably from those described herein as anticipated, believed, estimated, expected, or targeted. Bolsa does not intend and does not assume any obligation to update these forward-looking statements. I would also like to remind participants that today's call is being recorded and a replay of this call will be available online on July 20th at Bolsa's corporate website, www.bmv.com.mx. During this call, all figures are in Mexican pesos and compared to the second quarter of 2022, unless stated otherwise. This call is intended for the financial community only, and the floor will be open at the end to address any questions you may have. Joining us for today's call are José-Oriol Bosch, CEO; Claudio Vivian, Chief Information Officer; Hugo Contreras, Chief Compliance and Regulations Officer; José Manuel Allende, Chief Capital Formation, Markets, and Information Services Officer; Roberto González, Chief Post-Trade Officer; Gabriel Rodríguez, SIF ICAP CEO; Alfredo Villen, Managing Director of Equity Markets; José Miguel de Dios, Managing Director of Derivative Markets; Wilson Ramón, Director of Investor Relations; and myself, Ramón Güémez, CFO. I would now like to turn the call over to our CEO, José-Oriol Bosch. Thank you, Ramón. Good morning, everyone, and thank you for joining us to the Mexican Stock Exchange second quarter 2023 earnings conference call. I will go over a couple of points that are important to consider when comparing the second quarter of 2023 with the same quarter of 2022. I will walk you through the different business divisions for results, and finally, open up to questions on the conference call line. First, DFX, the Mexican peso appreciation against the U.S. Dollar, had a double impact in the quarter and half year. About 30% of Bolsa revenue and 25% of fees expenses are linked to the U.S. Dollar. On one hand, the strength of the Mexican peso had a MXN 70 million negative impact in revenue for the first six months, mainly in information services and the central securities depository in the Bolsa. On the other hand, expenses were MXN 32 million lower than expected in the first semester, mainly in technology and custody fees. The net negative impact on the EBITDA was MXN 38 million. In the first semester of 2022, the total non-recurring revenue in Indeval and SIF ICAP amounted to MXN 134 million. Let's get started in the slide three to review the second quarter financial highlights. You can go to slide three, the revenue in the second quarter 2023 was MXN 946 million, down 5% because of lower volatility trading, fewer cross-border transactions, and, as mentioned before, an unfavorable exchange rate. Expenses were MXN 483 million, up 8%, mainly due to higher personal costs, technology upgrades, and regulatory projects, as well as BMV's building renovations. EBITDA reached MXN 521 million, down 14%. Net income was registered at MXN 356 million, 12% below second quart er 2022. On the next slide, we will go over the half year results. The revenue in the first half of the year was close to MXN 2 billion, down 8%, mainly due to lower equity trading, fewer cross-border transactions, as well as the non-recurring revenue reported in 2022 and the FX appreciation. Expenses were MXN 954 million, up 6% in line with inflation, explained by personal and technology costs. EBITDA reached MXN 1.1 billion, down 16%. After adjusting for non-recurring revenue, the adjusted EBITDA decreased 7% with an EBITDA margin of 58% versus 61% last year. The net income amounted to MXN 771 million. It was a resilient, healthy result once you adjust for non-recurring revenue and effects. Please turn to the next slide to go over the different business lines. In Slide five, in the revenue by business line, starting with capital formation or the listing of equity and debt, as well as its annual maintenance, contributed this quarter with 13% of BMV Group's revenue. Transactional businesses, which consist of equity trading and clearing, derivatives trading, and clearing and OTC trading, generated 38% of revenue. Information services, made up of data, analytics, indices, valuation, and financial risk management services, had a 19% weight. The central securities depository, INDEVAL, which is responsible for the custody, settlement, and global market services, participated with 27% of revenue. Once again, our diversified business model played a strong role. Lower equity trading and forward cross-border transactions in INDEVAL had a negative impact, while information services and capital formation remained strong. The nature of our business includes highly recurring revenue and a strong customer retention. About 50% of BMV's group revenues are transactional, and the other half, subscription. Please turn to slide six to go over equity trading and clearing. Revenue and cash equities trading and clearing was down 19% in the second quarter. The average daily traded value at BMV was registered at MXN 14.2 billion, with BMV's market share stable in the mid-80s. The total market ADTV was MXN 17.2 billion. That's an 18% drop for the quarter and minus 13% for the half year. Although this figure is not good, it is better when compared to other markets, given the current market conditions. For example, Nasdaq close to 30% lower in value traded, Euronext, 20%, and FTSE, 17%, to name a few. Let's go on the next slide to review derivatives. Revenue in derivatives trading and clearing was down 5% in the quarter due to lower trading of dollar futures. The total number of open derivatives contracts of dollar futures or open interest dropped 67% compared to December 2022 because clients closed hedging positions. On the other hand, the total value of interest rate swaps or notional value increased 124% because of the monetary policy actions. In Asigna, the average margin deposits were MXN 33 billion for the quarter, and MXN 35.7 billion for the half year. We continue attracting new clients to the Mexican Derivatives Market, including brokers, market makers, and prop trading firms, as well as vendors, mainly in the U.S. Furthermore, we migrated successfully from LIBOR to SOFR, and starting this July, dollar futures and options are valued using SOFR. On the next slide, on the OTC trading in SIF ICAP, OTC trading made progress with revenue reaching MXN 184 million, up 1%. You may recall that in second q uarter 2022, SIF ICAP Chile registered non-recurring revenue of MXN 4 million for VAT refunds without having an impact on personal expenses. Excluding this item, SIF ICAP Chile was up MXN 3 million, mainly due to higher trading of interest rate swaps by institutional clients. On the top right, the 10-year bond rate, together with other rates in the yield curve, are starting to show a changing trend as inflation decreases. On slide nine, we have the figures for the capital formation. In listings performed strong in both short-term and long-term debt markets, with revenue increasing 30%. Debt has been the largest driver in capital formation top line. In short-term debt, 321 issuances were placed for a total amount of MXN 56 billion, while in the long-term debt, 25 issuances were registered for a total amount of MXN 77 billion. The amount issued in long-term debt increased 46%. However, we registered the same number of listings as last year. Because of the cap fee structure, the number of issuances in a period is a better indicator for forecasting listing revenue. In the equity market, two FIBRAs had follow-on offerings. FIBRA Prologis for MXN 7.1 billion, which focuses on managing logistics and manufacturing facilities. FIBRA Nova raised MXN 2.7 billion with over 18,000 investors. This is a new record high. It is the largest number of retail investors participating in an offering in the Mexican stock market. Axtel was also listed in the market without an initial public offering after the completion of its spin-off process from Alfa. It is worth noticing that 46% of the total long-term debt issued in BMV during the first six months of the year was sustainable through thematic bonds, green, social, and sustainable, and sustainability-linked bonds. We will continue promoting this market for our digital platform and education program. Regarding maintenance, revenue was down 2%, since the amount issued is not directly linked to the revenue due to cuts in other fees. In 2022, we had a couple large long-term debt issuances. For example, América Móvil for MXN 24 billion, Santander for MXN 15 billion, and CFE Fibra E for MXN 11 billion, to name a few. Moving to the central securities depository on slide number 10. INDEVAL's revenue was down MXN 37 million in the second quarter, MXN 23 million due to FX, mainly in the global market services and global custody, who fees are in dollars, and MXN 14 million because of a lower number of cross-border transactions and trade settle in the global market. Assets under custody in the first semester of 2023 increased 9% in the local market to MXN 31.9 trillion, and decreased 8% in the global market to MXN 1.5 trillion. I would also like to share an important announcement. INDEVAL and CCP will accelerate the settlement cycle to T+1 in May 2024, in line with the U.S. and Canada. The current standard cycle for settling equity trades is T+2 or trade date plus two business days, meaning a trade executed on Monday is due to be settled by close of business on Wednesday. Accelerating this settlement cycle to T+1 will better serve market participants by reducing costs and mitigating risk. Finally, on slide number 11, information services. Information services performed well. Revenue reached MXN 180 million in the second quarter of 2023, up 8% despite the appreciation of the Mexican peso against the US dollar. Both Market Data and Valmer accelerated, supported by international sales and value-added data. We expect this business line to continue growing at double-digit rate, given the demand for our data locally and internationally. All in all, a good set of numbers in capital formation and information services. Equity trading and Indeval are facing a challenging period, given the current interest rates and exchange rates. As mentioned, at the beginning of the call, the strength of the Mexican peso had a MXN 70 million negative impact in revenue in the first six months of 2023. Let's look at our operating expenses in slide number 12. Operating expenses in the second quarter and half year of 2023 were up 8% and 6% respectively. I will go over the main items. Personnel expenses increased 8% due to annual salary increase and higher recurring revenue in CIFESA. Technology up 16% because of upgrades to maintain evergreen platform by enhancing features and security, as well as the segregation of post-trade infrastructure. Rent and maintenance increased 23% because of higher maintenance costs and building renovations. Custody expenses were down 43%, since INDEVAL was authorized as a Qualified Intermediary by the U.S. Internal Revenue Service, and this in turn transforms into lower costs associated with the administration of tax forms and W-8 formats. It is important to note that foreign exchange fluctuations had a positive impact in expenses during the semester that amounted to MXN 32 million lower, mostly in technology and subcustody. We continue executing with cost discipline towards increased operational leverage, while investing in technology to strengthen the resilience of our platforms. Please turn to slide 13 for our conclusions. Notably, the first half of 2022 makes for a tough semester to compare with because of the extraordinary revenue concept and foreign exchange fluctuations. Nonetheless, BMV Group delivered resilient recovering results, which highlights the strength of our business model, especially our diversified range of revenue. We maintain our leadership position in Mexico for both capital formation and equity trading. In derivatives, we continue looking for options to increase liquidity, as well as other growth projects that require regulatory approval. Furthermore, we are committed to strengthening our data and analytics offering and increasing our footprint in data is the insight that drives trading, and those trades generate new data, and so on. Regarding BMV's technology transformation, we have made good progress in strengthening our platform with the aim of having an evergreen and seamless technology across all divisions. Additionally, we continue working in a design study with a third-party market infrastructure to analyze gaps and evaluate the needs of upgrading our post-trade platform to enhance our product offering and simplify our operations. Furthermore, the segregation of post-trade infrastructure is on track. I thank you for your time, and together with my colleagues, we will gladly answer any questions you may have. Thank you very much. Thank you. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Again, that's star one to register a question. Today's first question is coming from Ernesto Gabilondo of Bank of America. Please go ahead. Thank you. Hi, good morning, José-Oriol, Ramón, and René, and good morning to your team and to everyone. Thanks for the opportunity to take questions. I have three from my side. The first one is on your revenues sensitivity against the FX. I was wondering if there is an appreciation or depreciation of the peso against the dollar, what would that mean in pesos for every change of one percentage point? Also related to this question, how do you see the FX or the peso against the dollar for the rest of the year and for next year? My second question is on your expectations for cash equities volumes. Is it true that in every presidential election, volumes tend to be favored from increased volatility? Do you think that this, together with a combination of lower rates and a potential peso depreciation next year, could be some drivers for revenues? My last question is on competition. We saw BIVA was able to gain again 2% market share during the quarter to 17%. Just wondering, at what level would you be concerned on BIVA's market share? If it goes above 20%, that will be something it should be a concern for you, or since the best execution implementation, BIVA has been between 15%-20%, would that range is something that is already kind of expected? Again, if it goes above 20%, then, that could be something that could make you to be more concerned. Thank you. Thank you, Ernesto. Good morning, thanks for your questions. Regarding our revenue sensitivity, I would say for every peso that we get appreciated or depreciated, roughly consider MXN 40 million of revenue and MXN 20 million of EBITDA for each peso movement in the FX. Regarding our expectations for FX and equity volumes, we think you're much better at forecasting than we are, so we don't make projections or give outlooks in terms of economic outlooks. Sorry about that. For BIVA market share, I will pass it over to Alfredo Guillén. Hello, Ernesto, good morning. Regarding your first questions, in terms of the volume that we expect for next year, well, second quarter, second half of the year and next year, yes, three factors have affected the trading activity, which is lower volatility regarding in respect with last year. The volatility is the, the fuel of the markets, and the Mexican market is not the exception. Also interest rates and opportunity costs in being in interest rates versus the equity markets. As a result, the FX levels that also makes a little bit less attractive for foreign investment to participate currently in the Mexican market. This is also something that we have seen in other markets. It's not only the Mexican market. By the way, it's not really the place where things have been lowering this year. Other exchanges in Latin America and Europe have experienced the same situation. You're right, volatility expected for next year, lower interest rates and a more, a less strong peso can indeed help the trading volumes go up. In terms of our market share, we are gaining market share in the last couple of months. This is because of the lower- I mean, it's very, when volumes go down or trading volumes go down, it is easier for our competitors to take a little bit more of a piece of our trading activity. Once we take again new volumes or higher volumes, you will see that our trading activity and our market share will go up again. That's how we expect things to go this year and the next year. Regarding the peso expectations, as Ramón mentioned, we do not do that, but the people that do that, they are usually wrong. At the beginning of the year, the analyst, you can look at the survey in the Citibanamex survey, the expectations for the peso for the year end, for 2023, end of December, were, I think that like MXN 20.5, and I think that the more optimistic was MXN 19. I think that the peso has been a surprise for everybody. Anyway, we do have an internal policy for FX hedging. Regarding the competition, I would like to add and remind you that we are not in a level playing field competition. Remember that if BIVA did increase the market share, that was because they changed in the better execution rule, a change by the regulators, and this did help them in the past months. However, we're talking about two points of market share. If we do monetize that, and we have, as you know, a MXN 4 billion revenue for the whole year, and ballpark number, if we say that the cash equity trading is 10%, we're talking about MXN 400 million. That's around $20 million. Each 1% or a percentage point is $200,000, we're talking about $400,000 a year. That will help them to pay some bills, but it's not going to make a huge difference. Also mention that the regulators are not having pressure from the casas de bolsa with this regulation. Probably we will see some changes. I do not know. Oh, that's very clear now. Thank you very much. Thanks to you, Ernest. Thank you. The next question is coming from Juan Ponce of Bradesco. Please go ahead. Good morning, everyone, thanks for taking my question. I have two, if I may. The first one is, if you can remind us on what are your expectations on the materiality of a potential securities reform in Mexico? The second question would be if you can update us on initiatives of new products and also cost saving initiatives. Thank you so much. Never mind. Juan, regarding your first question, you're talking about the Social Securities reform, I assume? Yeah, for it. For the authorities. Okay. Ley de Autoridades, Ley de Valores. I know. No, Ley de Valores. Valores. Ah. Ley de Valores, sir. Thank you. Well, regarding the Securities Market Law changes, I would say there are mainly four big changes. The most publicly was the creation of a segment for the Oferta Simplificada. We tried to make something similar to the Rule 144A, and I think that's the one that could have the biggest impact on trying to attract new companies, especially focusing on mid-sized company, not small ones, not PYME, but mid-size. The idea is to speed up the process on the authorization by passing some responsibilities onto the exchange. I think that we still have to sending the one part of Congress, the Diputados on September. After that, we will get close contact with the commission in order to get details on the secondary legislation. I think that's where the important point will be in order to set up this facility to really improve the easier way to come for the market, for the companies. Also, on the regulation, it's coming the facility to adopt agree structures that the company decide by having the possibility to issue non-voting shares. That will depend on companies and investors who may be willing to acquire or not those voting shares, and that will be referring into the pricing. Some other changes are coming to the SAPI Bursátil to make it a permanent segment, which may also help companies to come into that segment. There are some changes which may speed up the follow-on processes for companies, having a better time and faster time to market on the placement process. As I mentioned, we're still waiting for September for the deputies to approve it. After that, we will start a process with the commission to review the secondary ruling that will apply. It will still take some time. On your second question, Juan, we're beginning to analyze or to look at potential cost savings initiatives. We don't have any concrete ones that we could announce just yet, depending on how long the mark, you know, we have this adverse market conditions and the impact on margin continues, we will definitely be implementing some cost savings initiatives to keep our margins. None we can announce just yet. Okay, thank you. What about revenue initiatives? I mean, last quarter, I think, there was IRS, the local IRS allowed you to control the tax withholding of U.S. securities, did lead to some operating initiatives. I'm sorry, the listing of foreign securities of the SIC was one of the initiatives on the revenue side. If you can comment, that would be great. Roberto González is just going to address that one. We have a few initiatives that we have mentioned in the past. We're finalizing some permissions and studies that we have been discussing with authorities for the last several months, so we're about to get that approval. That should have a positive impact that's related to the global market. We also continue, and that's for next year, we also continue working with authorities on the market for the electronic trading for government bonds, and that has attached the development of a central counterparty for the banks. We're working on the target is the first quarter next year. We are also working with authorities, that's with CONSAR and AMAFORE, the Minister of Finance and the Central Bank, on a structure that would allow us also to bring part of the OTC market, mainly transactions that are done by Afores and some transactions that are done by Afores, that could be brought to Asigna and that we continue on the process and negotiations. Hopefully, should be able to close it this year. The impact is, again, we still don't know because we need to finalize the structure. On some efficiencies on the global market, yes, the QI structure allowed us also to look also at the possibility to go directly to DTC, and instead of going to the custodian, go to the account operator. We're analyzing offers for four different banks. The intention is to take that decision in this year, and possibly by the last quarter, move or change that structure, that would give us some benefits regarding costs and some efficiencies for the market. In general terms, there are more or less the initiatives that we are working on for this year. That's great. Thank you very much for the detailed response. Thank you. The next question is coming from Yuri Fernandes of JP Morgan. Please go ahead. Hey, everyone. Good morning. I have just one question regarding your dividends line. I guess the dividends from your subsidiaries, it was pretty higher than the past run rate. I guess this was running at MXN 2- 3 million a quarter, and this quarter was above MXN 13 million. What happened there? What is driving this higher dividends? Is this recurring? What should be the normal level for that line? Thank you. Yeah, that dividend comes from our position in the Lima Stock Exchange in Lima. It's just a one-off. It was a capital reduction, about MXN 13 million or $500,000. Usually, what you would see is something similar to the last year, which is closer to MXN 3 -4 million. You know, perfect, it's clear. A second question, if I may, just on revenues. I guess it's very clear, the effects had wind, and that we discussed previously, and also lower volumes, right? Any outlook for revenues this year, do you think it's feasible to have revenues remaining flat, this year versus 2022? You know, are you a little bit more skeptical about keeping, you know, revenues, stable, this year? Thank you. For next year, revenues or the second half of the year revenues, Yuri, we have a little seasonality in our revenues in the listing fees. You would expect those to increase in the third and fourth quarter. That's about all I could really tell you. If we have more volatility, our revenues would increase, but that's not up to us, it's not something we could control. The only thing that we could expect, as I said, is the seasonality we have in our listing revenues. Okay. No, perfect. Thank you. Thank you. The next question is coming from Edson Murguia of SummaCap. Please go ahead. Hi, good morning. Thank you for taking my questions. I have two of them. The first one is, I looked at Mexican Stock Exchange, local market equity business, and the notional value trade is down this quarter. I got my attention that in the SIC equity business, the notional value is down 29%. How the Mexican Stock Exchange see the outlook in the SIC for the rest of the year? If this is a trend, what the Mexican Stock Exchange can do to reverse this trend? Last but not least, regarding settlement, that you mentioned that there is a new project to be in the same way in the U.S. T+1. I was wondering, in other markets, specifically in U.K., they are in the process to be in real-time settlement. Going or looking forward, there is a possibility in two years, so maybe in the next one, are we talking about real-time settlement, or we are gonna stay in T+1 like in the U.S.? Thank you. Hi, Edson. Regarding the traded volume in the SIC, as mentioned during the beginning of the presentation, the traded volume for the first half of this year was lower than the first half of the previous year. I think that this was the case of all the major stock exchanges in the world. That was because we're coming from record highs after the pandemic that was reached in 2021, then the trend started to go down last year, but it was still pretty high in the first half. When we compared, it looks down. The SIC, as you know, the SIC depends on the foreign exchange markets, mainly U.S. markets. I think that we are seeing that reflected in the SIC. In addition, the SIC has also been an FX trade, not just equity trade, for some local players. Again, as mentioned, the volatility for the peso has been going down significantly lower, and this also reduced the traded volume. I think that the other one is the interest rates, and this has been... I think that that explains the lower traded volumes in all stock exchanges in the world. Interest rates have been higher, going up. Mexico has not been the exception. We have seen flows that have been moving from equities to fixed income, taking advantage, in the case of Mexico, of interest rates above 11%. I think that now if we look forward, the expectations are interest rates are close to the highest levels in most of the countries. Also, as mentioned, volatility, not just in Mexico, but when there are elections in a country, usually the volatility pre or post could be a bit higher. That could be something positive for the expectations that we have for the second half of the year. Regarding the other one, Roberto? Regarding T+1, when we saw that the U.S. and Canada announced the intention to move to T+1 next year, we started discussions with the Brokers' Association. While the decision or the change in the regulation will come at the central counterparty, it really has to do with what does make more sense for the traders, for the broker-dealers. We discussed it broadly with all of them, and we received a formal letter from the Brokers' Association, in which what they would like is to do and adjust the settlement cycle exactly the same day that the U.S. and Canada does next year. If you take a look, there's a very strong correlation and very strong operational linkage between the U.S. and the Mexico market. In fact, when the U.S. is closed, I think we trade about 10% of the normal volumes. It makes more sense for trading, for arbitrage, and for a lot of different strategies for Mexico to be on the same cycle than the U.S. That's mainly the decision taken by the brokers, and we will implement it at INDEVAL for the global market, basically speeding up the process, how we settle transaction mainly in the U.S. We will keep T+2 for the European securities, as Europe would stay T+2. The Mexican securities will move to T+1, since most of them are traded or heavily traded for investors, mainly coming from New York. That's the reason on why we are aiming to do it simultaneously with those markets. Okay, thank you so much. Just a follow-up on this. Do you have an estimated timeline for next year, or it's gonna be a project because it's related to the broker-dealers, and there is a lot of hands-on that needs to be done before it's dated specifically? Well, basically, what we're aiming is to do it exactly the same day that Canada does it. That is, it's May 27th, next year, and the U.S. will do it May 28th. Mm-hmm. because 27th is a non-working day. That's, we announced it last week. We can forward you the announcement, and that's the target date. If the U.S. and Canada move that date, we most probably would adjust to the date that if they decided to postpone. We've heard that the most of the community in the U.S. was looking for more for September, October, rather than May, but the SEC was the one that defined May 28th for the U.S. market. There's a calendar, there are projects and working groups with the Brokers Association, but the date is May 27th, the target date for now. Okay, thank you so much, Roberto. I appreciate it. Thank you. The next question is coming from Caio Trigo of UBS. Please go ahead. Hey, everyone. Thank you for the opportunity. I just have one question on my side here. We talked about BIVA market share on the equity trading business, but I would like to have your view about competition in the other lines of revenue, such as listing, maintenance, and Market Data. If you are seeing gaining more traction, as we are seeing in trading recently, if you have some data to share, and if so, what are the plans of the company going forward in order to mitigate the effect? Thank you. I think that we do have some public data that we can share on the... We are talking that in capital formation, debt for our revenues is very important. I think that the right number is, we look at the first half of the year. In long-term debt, I think that our market share is 95%, so even higher. Also public information, there, the most important client in long-term debt for BIVA is Totalplay and Elektra, and I would say that the second one is Telva. Those are the top two or three clients that they have in debt. The numbers are public, and I think that in terms of amount, we do have 95% and 5% in BIVA. We feel very comfortable. Okay, thank you. Can you share with us how is this evolution of that? Additionally, what you can share in terms of market data, if you have something to share as well? I think that has been pretty stable. Has been pretty stable in the, since they have started. actually, maybe they have a couple of clients that, at the beginning, that moved back to Wall Street. I would say that the trend should be even better for us. Okay. Thank you very much. Thanks to you. Thank you. The next question is coming from Gilberto García of Barclays. Please go ahead. Hi, good morning, and thank you for the call. Excuse me. My question is on expenses. I understand it's difficult to give any expectation on revenue since it's really not up to you, but I assume you can control to an extent, your expenses. We saw a fairly fast growth this quarter. What could we expect for the rest of the year and for next year, if you have any visibility? Thank you. Gilberto, thank you for the question. For expenses, we have no specific seasonality. I think most of our projects are on the way, so probably the best... The best thing to do to project would be to take Q2 and replicate that for the next two quarters. For next year, we'll be beginning our budgeting process soon. As you know, we're currently not giving guidance, and least of all, for with such a, such advance. Yeah, that would be my best recommendation for forecasting expenses. Thank you very much. We do not have any special thing projected other than the projects we already have implemented. Thank you. Thank you. At this time, I'd like to turn the floor back over to Mr. Bosch for closing comments. Thank you very much to all of you for attending our quarter conference call. Thank you very much for the interest and your questions, and if you need anything else, we'll be very glad to talk to you. Thank you very much, and have a great day. Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time and enjoy the rest of your day.