I will now hand you over to your host, Jonathan Berger, to begin today's conference. Thank you. Thank you. Good morning, everybody, and thank you for joining Flow Traders' Q4 and full year 2020 results call. As you've no doubt already seen, we released our results first thing this morning. I'm joined here on the call by Flow Traders CEO, Dennis Dijkstra, as well as Chief Trading Officer, Folkert Joling, who will run through the results presentation. Afterwards, they'll be happy to take any questions you may have. Before we begin, let me draw your attention to the disclaimer on page two. Please be advised that if you continue to listen to this presentation, you are bound by this disclaimer. Please note the results we will disclose in this presentation are unaudited. With the formalities out of the way, I would now like to hand over to Dennis for his opening remarks. Thanks, Jonathan. Good morning. Thank you all for joining this call, where we will provide additional color on our Q4 and full year 2020 results. As perhaps was not immediately visible from the monthly market data published on our website, Q4 saw heightened levels of market activity on the back of the U.S. elections and COVID developments. Crucially, this saw strategic reallocations by investors and corresponding true in and out flows. ETP market value traded for 2020 as a whole was 48% higher than in 2019 as the markets and investors reacted to economic, political, and social events throughout the year. Indeed, the entire ETP ecosystem demonstrated considerable resilience throughout 2020. Talking about 2020, I would like, on behalf of the management board, also like to take the opportunity to pay a big tribute to the professionalism, resilience, and loyalty of all our colleagues globally this past year during exceptional and challenging circumstances. Everyone, and I really mean everyone, has contributed to the considerable operational and strategic achievements and successes over the past year. 2020 saw record ETP value traded versus last year, which in itself was a record for our business. The growth in our ETP value traded outperformed the broader market, both in Q4 and in 2020 as we gain market share. This once again is a statement of our market presence and leading global footprint. Consequently, the market environment, along with Flow Traders' pricing knowledge, hedging, and risk management capabilities, translated into a net trading income of EUR 103.3 million in the Q4 of 2020, compared to EUR 78.3 million in the Q3 of 2020 and EUR 46.1 in the Q4 of 2019. This contributed to a record year for Flow Traders by some distance, with a net trading income of EUR 933.4 million. We saw clear outperformance in all regions and across all our asset classes. We demonstrated strong operational leverage with an EBITDA margin of 69% in the Q4 with an EBITDA of EUR 90.5 million. It is worth noting that this does reflect the positive impact of the accounting treatment for the Variable Remuneration Share Plan. I will cover this in greater detail later. Overall, for 2020, EBITDA was EUR 586.6 million with a margin of 63%. The Q4 2020 net profit amounted to EUR 66.2 million with an earnings per share of EUR 1.48. Ultimately, we recorded a net profit for 2020 of EUR 464.5 million with an earnings per share of EUR 10.26. Taking all of this into account, Flow Traders proposes a final dividend for 2020 of EUR 2.5, implying a EUR 6.5 total dividend for the full year 2020 and a 63% payout ratio. This will be paid shortly after our 2021 AGM. It is also worth highlighting once again that our business and operation functioned as normal during the Q4, following the continued activation of our business continuity plan, and we were able to continuously provide liquidity and pricing to the financial markets on a global basis. Despite the strong operational focus required through much of 2020, we also have continued to execute our growth strategy in terms of broadening our ETP footprint, as well as enhancing coverage of fixed income crypto and currency trading. The investments we have made in growing our non-ETP activities are starting to pay off and are positively contributing to the top line. Now, let's take a closer look at the market developments, as well as a deeper dive into Flow Traders' performance and accomplishments. Firstly, we will review recent ETP market dynamics on the next slide. As shown on the top left-hand side of this slide, ETP market value traded was essentially flat in the Q4 of 2020 compared to the Q3. Clearly, Q1 and Q2 were both usually more active from an ETP market value traded standpoint. Implied volatility also remained broadly flat quarter-on-quarter. However, this quarter trend masks the evident spikes seen in November. Moreover, realized volatility across multiple asset classes increased throughout. Accordingly, we saw market velocity increasing in EMEA and APAC, with U.S. remaining flat. From an ETP asset under management perspective, we again saw significant increases in fixed income, ESG, and commodity ETFs. As a key part of the ETP ecosystem, Flow Traders facilitate the trading in these ETP asset classes. In summary, it is fair to say that the outlook for ETPs remains very strong. Now I will hand over to Folkert, who will review our, or Flow Traders', regional performance in greater detail on the next slide. Thank you, Dennis, and good morning, all. On this slide, we present an overview of some of the key performance indicators for the Q4 and for the full year 2020 on a regional basis. As Dennis mentioned earlier, we have seen strong performance in Q4. Heightened market activity and the disciplined execution of Flow Traders' growth strategy resulted in meaningful growth in ETP value traded, and in the NTI of Q4. In Europe, we reinforced our position as the leading liquidity provider in ETPs, both on and off exchange, by gaining market share in EMEA year-on-year. We also took the number 1 position off exchange in fixed income ETFs, and now hold top position in equity, fixed income, and commodity ETPs as well. There was strong trading performance, not only in the core ETP business, but also positive NTI contributions from non-ETP trading, as recent investments are paying off. Much of the activity in the quarter occurred during European trading hours, which aided our performance in the region. Positive proof points around trading other asset classes include our continued presence as a top-three market maker on major FX exchanges in spot metals. We are also the number one market maker in cryptocurrency ETPs in Europe, active on 15 exchanges globally, providing 24/7 liquidity as well as being a leading spot OTC liquidity provider. Moving to the Americas. There was an improved trading performance with continued market share gains, with Flow Traders ETP value traded materially outperforming market ETP value traded in Q4. We also gained market share overall in the Americas in 2020. There was also further expansion of the counterparty base, where we successfully onboarded two large institutional counterparties in Q4. Lastly, we supported the global growth of the ETP ecosystem by expanding our footprint in Latin America. Lastly, with respect to APAC, this region saw the largest regional percentage increase in ETP value traded in 2020, with record volumes across numerous exchanges. There was also strong growth in off exchange, both in terms of number of counterparties and value traded, through the trading of global products in the APAC time zone. Flow Traders also strengthened its partnerships in the region with key stakeholders. This includes the partnership with the Hong Kong Exchange to be the lead market maker in their MSCI futures and a number of new successful ETF listings across the region. I will now hand over to Dennis for the next slide, where we'll cover the cost base in greater detail. Thanks, Folkert. The main drivers of the 8% year-on-year increase, and indeed the 7% quarter-on-quarter increase in fixed operational expenses, relate to technology investments to support diversification initiatives and efficiency improvements, as well as the impact of new hires. We have incurred EUR 3.4 million of additional one-off expenses in the Q1, which relates to the ongoing activation of the business continuity plan and a further donation to our foundation. In total, we incurred EUR 11.4 million of one-off expenses for the full year. Our headcount increased by 8% versus the end of 2019, with a focus on technology and development hires to support growth in product coverage, asset classes, and the trading platforms we are active on. We have also seen the positive impact of the accounting treatment of the new share plan on the Q4 2020 and full year 2020 EBITDA margins. It is evident that the business has demonstrated a high degree of operational leverage. In order to accelerate diversification and support the ever-increasing growth in product coverage, asset classes and trading platforms, we have revised guidance to a maximum growth of fixed operating expenses of about 15% for 2021. On the next slide, I will explain the new updated Variable Remuneration Share Plan. We have updated our remuneration policy for all staff to further align with current and also future regulatory requirements, as well as to create additional alignment of employees with other stakeholders. It is important to note that the variable remuneration pool remains at 35% of our operational profit. As you can see on the left-hand side of the page, we have introduced share-based compensation along with deferral periods. This plan replaces the FSIP, which has been in operation previously. There is a different accounting treatment under IFRS for this plan, given a greater proportion of variable remuneration is awarded in shares, and the fact that share award expenses are deferred to future years along with a service condition. On the right-hand side of the page, you can see how the off-balance sheet share commitments reduce the theoretical variable remuneration pool based on 35% of the operational profit. Accordingly, the post-expenses line items, including EBITDA, net profit and EPS, have been flattered in full year 2020. Now I will take a closer look at Flow Traders' capital position on the next slide. We show our required Core Tier 1 capital levels on the top left-hand part of the slide. After accounting for the final dividends, Flow Traders' capital buffers have remained strong and remain comfortably above our requirements under CRR. Our own fund requirement increased to EUR 280 million at the end of December from EUR 181 million at the end of September. This reflects higher level of trading. We had a CET1 of EUR 438 million at the end of December 2020, which is net of the proposed final dividend and announced share repurchase plan. On the top right-hand side of the slide, you can see that our solvency ratio with the prime brokers at December 31st decreased compared to the end of the Q3, reflecting the EUR 772 million of accumulated trading capital, as well as overall trading activity levels. Again, we are comfortably above our prime broker requirements. Looking forward, IFR/IFD comes into force of June this year. Our IFD/IFR impact expectations remain unchanged. There should be some capital relief, given that incoming requirements should be more tailored to Flow Traders' specific risk profile. This relief is anticipated to be partially offset by new business activities. Considering all these developments, Flow Traders has set the 2020 final dividend of EUR 2.50 per share, implying a EUR 6.50 total dividend for the full year 2020, and a 63% dividend payout ratio. The cash return to shareholders since IPO now amounts to EUR 13.58, including the 2020 final dividend and the share buyback. Now I will hand over to Folkert again to discuss our strategy and medium-term growth focus areas. Thank you, Dennis. Our growth focus areas remain very much as we outlined at the time of our Q2 results. Developments during the past year have further confirmed our growth strategy. The pace of change with respect to electronification of trading has only intensified. Seeking to enlarge our global ETP footprint means that we can align ourselves with the continuing structural growth in passive investments. This has been particularly evident in fixed income and ESG, which has seen strong growth over recent quarters and has translated into increased trading activity in those areas. The attractiveness of ETPs for investors, both retail and institutional, remains as strong as ever. Our goal is to remain market leader in Europe and seek to be top three in the U.S. and APAC. In terms of enhancing our coverage of fixed income, we want to build on the fact that fixed income is the fastest-growing ETP asset class by becoming the global top three liquidity provider in fixed income ETPs. This will be done through promoting and driving market electronification, which will create a more level playing field. From a currency trading perspective, we are leveraging our global infrastructure to provide liquidity to currency pools and counterparties. Our aim is to be a top 15 FX liquidity provider on Euromoney. We want to grow commodities by leveraging our top 5 rank on ECNs for spot metals. Lastly, we will further develop our crypto business by unlocking additional liquidity pools and maintaining our number 1 market maker position in crypto ETPs. These growth focus areas have the ultimate goal of driving structural NTI growth. I will turn to the final slide of the presentation and review our strategic progress in 2020 and focus items for 2021. As Dennis mentioned earlier in the presentation, despite the strong operational focus, which was necessary in 2020, we have nonetheless made good progress in all three focus areas. Non-ETP trading activities made a positive NTI contribution in Q4 and will deliver additional progress during 2021. In 2020, Flow Traders built our leading global ETP liquidity provider position and grew our presence in all regions. We also increased the values traded in all regions, we traded with more counterparties on a large array of venues. In 2021, we will focus on further expansion of our counterparty base, as well as increasing and deepening product coverage and connecting additional countries and venues. We have enhanced coverage of fixed income in the past year through expanding our infrastructure, broadening our prime broker setup, as well as increasing our market share in fixed income ETFs. The focus for 2021 is on further enhancing our pricing capabilities, as well as accessing more liquidity and increasing volumes. From a currency, commodities, and crypto perspective, we are now consistently trading more than EUR 5 billion a day. We have also upgraded our technology suite, and we have expanded our time zone coverages as well as our spot metals trading, where we are now among the top three market makers on major FX ECNs. Work will continue in 2021 on building bilateral connectivity, expanding trading hours, increasing product coverage, and broadening our prime broker base. I will now hand back the call to Jonathan. Thanks, Folkert. This now concludes the formal part of our presentation. We'd now like to open up the floor for any questions you may have. Operator. We have our first question coming from the line of Albert from ING Bank. Albert, you're unmuted. Please go ahead. Yes. Good morning, all. I hope you can hear me well. It's Albert Ploegh from ING. First of all, of course, congratulations on what I believe a record Q4 and clearly a record year. My first question is basically, maybe not surprisingly, on current trading. Can you say anything on, let's say, what you've experienced so far in January? Is it somewhat similar to probably November, December? I guess October and the quarter was still pretty much similar to the Q3. How much of the positive drivers, let's say, in the later part of Q4 do you think could be even recurring going into 2021 in general? My second question is related to the capital return decision. You proposed a nice rounded two-and-a-half euro final dividend, which is a nice number and a nice yield. If I'm a little bit critical, you could say the overall payout ratio is 63% lower than you did in the past. To understand a bit your thinking around this, and should I read into that decision also that you want to keep the capital inside the firm as you actually see good trading momentum continuing? A bit related to the first question. Thank you. Thank you for the question. I can answer on the current trading. We're not going to do a lot of comments on our activities there. Obviously, you can look at the statistics in the market where in Q4 of last year the market volumes in November were slightly higher than in December and October. If you compare those to January, it's a short part of the quarter, but it is slightly more constant over the days than maybe you could see in Q4. On the trading activities, I'm not going to comment. Kind of adding to Folkert's comment. We did see the first payoff of the non-ETP trading in the Q4 last year as well. That also there starting to yield on all the investments we've done in the past. Almost naturally, we expect that to continue. On your second question about the capital and the dividend. 2020 has shown and confirmed that a strong capital base, both from a regulatory and a trading capital perspective, does yield. The 63 payout ratio is well above the dividend policy of 50%. Our thinking is, and confirming our philosophy is that any excess capital will be returned. Part of it is via dividends, part of it is via share buybacks. We've seen that a strong capital base is important. We want to retain part to facilitate growth and also with IFR, IFD or new capital requirements coming into force later this year, which are almost finalized. There are still some uncertainties. Although we do expect it to be slightly or markedly favorable, it's not set in stone. It might feel as a bit conservative. Again, it is there to support our trading and to make sure we do not get in problem with any kind of uncertainties or surprises. Okay. Thank you. I understand you do not want to comment on current trading, maybe a bit more general. Let's say what we're seeing basically in Q4, the sector rotation with in and outflows and I think a lot of creation redemption activity that clearly has been helpful. Understand a little bit what happened with the whole social media-driven short squeezes, the Robinhood and the Reddit platforms. How would that help Flow Traders? Is that really something that you can benefit exceptionally from? Is this the kind of flow which I believe is not necessarily clearly the retail flow that you're handling, but in general, I guess should have had a positive impact. Maybe a bit more general comment on that without being very specific, of course, on January itself. One thing that there are always strange things happening in the market which impact the products that can be in any asset class as well, whereas with every year we see a couple of extraordinary movements happening, and they're a lot. We're covering every different underlying asset class. We're used to trading in exceptional situations. In the case of these small caps, if you look at the total ETP space, for instance, the weight of these small caps is not huge. Obviously these products were part of a couple of ETPs with a small percentile weight. Weight, they moved as well. If there is movement in any financial product, it leads to more volatility, which is a good thing for our business model. Our focus is not small caps in the U.S. to a very high extent. They are part of the product we trade indeed, but we don't have a huge retail operation on the single stocks. If you're looking for that, then well, I don't think that there is a lot to tell. Okay. Thank you. Clear. Thank you, Albert. We have our next question coming from the line of Lotte Timmermans from ABN AMRO. Please go ahead. Good morning. First, a question on Europe's results. We saw that Europe NTI was very strong. In the press release, it was stated partly was explained by non-ETP products. Could you give some color or even a ballpark number of what the share of ETP products and other asset classes was? Can we conclude that this partly drove the higher implied revenue capture? Which asset classes were specifically strong in Q4? Thank you. Hi, Jonathan. Is the line unmuted? Sorry, we had to mute the personal. No problem. The European outperformance, obviously some of the events during the last half year, the U.S. elections, for instance, they had a very long effect. Already starting early in the year, you saw people positioning themselves based on what they expected of the election outcomes would have impact on the set of policies there that build up during the year. That intensified during October and the move towards November. That impacted those activities. What we saw in the last two months, actually, there was a lot of activity going on in the European hours. That makes the outperformance of the European office explained to some extent. On the other hand, it's not only about equity movements. We have diversification projects going which are centralized, usually, often in Europe as well. The volatility in other asset classes as, for instance, crypto, and a bit of FX, that also impacts, obviously, the difference between the fixed type of models and the NTI we have. If you look at the revenue capture and just link it to the implied volatility, that model, the more we diversify, it becomes more difficult to maintain. Does that answer your question? Yeah. A bit, but could you also say what kind of share of the NTI it's roughly been? Is it significant or is it below 5% or can you say anything about that? I'm not going to comment on the exact numbers. It is growing as we want it to grow. I'm not going to give an exact percentage. I don't think that's helpful. Okay, thank you. Clear. Thank you. We have our next question coming from the line of Michael Werner from UBS. Michael, please go ahead. Thank you. Congrats on the results. Just a couple of quick questions, if you don't mind. Just looking back on Q4, I was just wondering if you can provide a little bit more color as to how important the month of November was in terms of your NTI generation during Q4, particularly as we had the U.S. presidential election as well as the vaccine-related news coming out in a very short time from the beginning of that month. Second, you noted that your goal is to be a top three player in the U.S. and APAC. What does that mean from a market share perspective? What would it require in terms of market share for Flow Traders to be a top three player, either in the U.S. or in APAC? Finally, we saw a bit of a higher tax rate in Q4. Is this related to change in the accounting treatment of your Share Plan? Can you provide a little bit of guidance for 2021? Thank you. On the distribution of the NTI over the quarter, we're focusing on the long-term growth, and we're looking at KPIs on our activities, and they're increasing on a steady basis. Based on the volatility, there is more opportunity in a lot of the strategies. The growth has been consistent over the year. If you look at the KPIs, which we correct for market performance as well, so it's relative performance, and they've seen steady growth. Obviously with more volumes and more volatility, our market model that also leads to an increased NTI as well, but the growth has been consistent. On the market share part, obviously the market share figure on itself is not per se saying everything. We have some more detailed constraints to, for instance, the market share. It also is broken down per segment internally on which products cover us so that there is some deeper breakdown. What top three means is the full coverage of the whole range. It's an on- and off-exchange specific coverage. If you look at the RFQ platforms, we want to be top two ranked, top one, hopefully, but in some segments, top two. If you look at the different ways on the performance, we've identified a couple of sub-KPIs, and then so that the rough top three means actually top two OTC. In some products, top one on exchange, some products more difficult or not really our core strength. That's broken down. Top three is the whole range. Kind of a weighted average, right? On the tax question. Yeah. The tax rate indeed has gone up a bit. That has to do with the tax deductibility of share loans, especially here in Europe, in the Netherlands. Also there's a cumulative effect on the Q4 numbers, but we don't see any necessity to change guidance of an effective tax rate change going forward, so it remains at 20%. Thank you. Can I just ask a quick follow-up on the market share in the top three question? Absolutely noted, understand kind of the weighted average approach. Do you have a bit of a range as to where you currently sit in the U.S. and in Asia Pac? Are you a top five? Are you a top 10 player right now in those regions? Thank you. For instance, on the OTC part, we are top three, and we're slightly better ranked on fixed income side and on the equity side. That's mostly because of all those one-to-one products where the competition is different. On the equity side, market share on exchange, probably around 2%, and there's still some growth there. Both in the coverage, we don't have 100% coverage yet, so we're building that out to all the products as well, but also in the products we already cover, we can still increase a bit. The main KPI there is not the market share percentage, but we have some more specific ones which will lead to a higher market share. In APAC, it's a scattered market there, so it's also different type of metrics per market. We want to cover all markets. It's a bit depending on the local countries, what exactly our spot is. Some of them we're number one, already are number one. To be good in the whole range, that's why we said more or less top three. That means for a lot of countries, number one as well. Excellent. Thank you very much. Very helpful. Thank you, Michael. We have our next question coming from the line of Martin Price from Jefferies. Martin, please go ahead. Good morning, guys. Thanks for taking my questions. I've got two, actually. The first is just a follow-up question on APAC. I think historically, quite a lot of flow in the market has been dominated by local banks. I just wonder if you could comment on the extent to which you're now seeing flow migrating to some more pre-trade transparent venues such as RFQ facilities. The second question is on regulation. Clearly in the U.S. at the moment, there's growing focus on the practice of payment for order flow. Whilst I appreciate this doesn't affect you guys directly as it's not something you do, I'd just be interested in your views on how you see regulation of that practice evolving and how this could potentially impact your competitive position in the U.S. over the longer term. Thank you. Coming back on your APAC question, I think we always have been and are strong, vocal proponents of transparent, open, and fair markets. Also for the OTC markets in Europe, we've seen RFQ or kind of electronified OTC trading Even transformed into a regulated trading on MTF. I think the whole ecosystem benefited significantly from it, so both the issuers, investors, and also the platforms. That's also something we see being adopted both in APAC and in the U.S. As you can imagine, that's favorable for us. We are a very dominant, independent liquidity provider in these index products, covering all underlying asset classes, issuers, global listings. That's something that's favorable, but it needs time for a region or country to adopt to these new way of executing their trading. It is growing. It's becoming more electronified. We also see some exchanges adopting and embracing these developments, so that's positive. Coming back to the second question, the payment for order flow. Again, we are in favor of open, transparent, equal access level playing fields. We do not engage in payment for order flow in the U.S. markets at the moment. I don't have a specific, or we don't have a specific view or comment on it. Until it damages or hurts the whole ecosystem, I think that's where we're at. Okay. That's helpful. Thanks, Dennis. Thank you, Martin. We have last question in the queue. As a final reminder, if you would like to ask a question, please press star one now. Our next question comes from the line of Gregory Simpson from Exane BNP Paribas. Gregory, please go ahead. Hi, morning. Thanks for taking my question. Congrats on the results. A few from my end. The first was, I guess the change in remuneration policy accounting maybe means your reported earnings could become more volatile. I was wondering if you were thinking about changing the current dividend policy and then maybe setting a floor level of dividend, for example. Just any thoughts there. The second question was in the U.S., you mentioned an aspiration of being a top two, I think, in OTC, and onboarding two of the top 20 institutional counterparties in the quarter. Just wondering how many of the top 20 do you have connected now? Is there more to go for or are most kind of connected as things stand? Just lastly, it looks like there's been quite significant growth in fixed income ETPs and you have big aspirations to grow your market share there. Does it have a very different kind of hedging process, that kind of asset class? I would guess that a lot of the underlyings are potentially a lot less liquid than say, in equity ETPs. Any thoughts around the kind of hedging process and potential kind of market risks, that would be great. Thank you. Thanks, Gregory. The first question on the change in remuneration policy and kind of related reporting of earnings. It's not per se a big change in the remuneration policy itself because we always incentivized our employees to be a shareholder. It's more about the mechanics. Now, as opposed to incentivizing people significantly to buy shares, part of the remuneration is in actual shares or share-like instruments, and the accounting treatment is different. Going forward, we will take this into account in how we present our earnings to kind of also take into account the impact from previous years on future years, like we kind of tried in the presentation as well. That's kind of not correlated with the dividend policy, right? There, the dividend policy remains the same, taking into account a fully loaded 35% income statement and there at least 50%. There again, also we historically have paid out more. About the U.S. and the OTC counterparts we've onboarded. As said, we've added another two. We have a very significant part of the top 20, but there's still a few out there who don't use our liquidity yet, which I think they should. Again, these are not overnight processes. They're also the onboarding, the fine-tuning, the pricing and liquidity takes a bit. Onboarding and actually having the benefit, there's a kind of a period between the two. We added another two, hopefully. Confident that we will add more. We have a good coverage, but there's still, I would say, more than half of the OTC trading we need to onboard. I think that's a lot of growth there. Your last question about the hedging of the fixed income ETP is probably, yeah, you actually explained the reasoning behind our strategy in your question, because the quality of your fixed income ETF pricing is very dependent on the price discovery and the liquidity of the bonds underneath. You need to know where these trade. You need to have the possibility to hedge yourself. By adding more liquidity pools and better understanding of where these products trade, it becomes important, maybe even essential to be a top market player in the ETPs. That's exactly what we're doing. We're trying to connect to as much liquidity as we can to improve these processes. It will indeed affect the hedging to act better. It also will create new opportunities in these products because that leads to a higher quality pricing and execution as well. That's indeed what we're doing. Great. Thank you. Thank you. We have one last question coming from the line of Fernand de Boer from Degroof Petercam. Fernand, please go ahead. Yes, good morning. It's Fernand de Boer falling in for Michael Roeg. Just one question on this change in remuneration accounting. This EUR 58 million, does that mean also that actually the first three quarters have to be corrected? That this kind of accrual during the year, that you have made a correction in Q4? Not per se, because also there, part of the old FSIP was off balance already. I think it was in the first three quarters, kind of 32%. There was kind of a catch-up in Q4 with the impact of the change from FSIP towards the current remuneration policy. I think we can come back with the exact change in impact. Okay. There was, let's say, a plus of EUR 58 million, and then the FSIP's correction was minus EUR 3 million, if I read your presentation correctly. No, that's previous years. Okay. Sorry for that. Yeah. Not my main company. I had the question for Mike. Yeah. Michael should have prepared you better than this. Yeah, I will tell him that. We were quite busy this morning. The other part was his question also on these cryptocurrencies in Europe. I believe you were not willing to give an exact number or a ballpark range on volumes, et cetera. Do you believe this is sustainable, and what does it mean for risk going forward on this kind of asset trading? What we've seen in the Q4 is there has been an increased interest from institutional investors in these products, and also from regulators who are starting to be more open to creating regulation around it. There was a lot of inflow in the ETPs and in some of the funds as well. This also drove the prices up. This trend, hopefully it will continue, right? Because the more regulated this gets, the better as well. It gets more transparent and fair as well. These prices, the Bitcoin went up from, let me see, 15 to 30 and now 40. That shows the momentum that this asset class has. We are a market maker in all the listings on the regulated exchanges. In Europe, there are a lot of listings already and new ones coming up. We are supporting those on exchange and off exchange as well for the professional counterparties that want to trade those. The whole there's a good vibe around it, so that's a good thing to see. We are very adaptive to new developments around these kind of things. We're supporting that. We hope that this will continue. Okay. Thanks very much. Thank you. There are no further questions in the queue. I will hand it]back to the host for closing. Thank you. Thank you. I'd like to thank all the analysts for participating in today's call. Please note we'll host our next call with you guys when we release our Q2 and H1 2021 results in July. Further details will follow in due course. As a reminder, our Q1 trading update is scheduled to be released on the April 21st, 2021. This now ends the call. Thanks again. Have a good day, and of course, stay safe. Thank you for joining today's call.