Good day, and thank you for standing by. Welcome to the StoneX Group Inc. Q3 Fiscal Year 2023 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone, and you will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Bill Dunaway. Please go ahead. Good morning. My name is Bill Dunaway. Welcome to the earnings conference call for our third quarter ended June 30th, 2023. After the market closed yesterday, we issued a press release reporting our results for our third fiscal quarter of 2023. This release is available on our website at www.stonex.com, as well as a slide presentation, which we'll refer to on this call in our discussions of our quarterly and our year-to-date results. The presentation and an archive of the webcast will also be available on our website after the call's conclusion. Before getting underway, we're required to advise you, and all participants should note, that the following discussion should be taken in conjunction with the most recent financial statements and notes thereto, as well as the Form 10-Q filed with the SEC. This discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC. Although the company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the company's actual results will not differ materially from any results expressed or implied by the company's forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance. With that, I'll now turn it over to Sean O'Connor, the company's CEO. Thanks, Bill. Good morning, everyone, and thanks for joining our earnings call. In the third quarter of fiscal 2023, we saw solid transactional volumes, as well as revenue growth across almost all of our products, despite volatility generally moderating versus the prior period. Interest earnings on our client float increased significantly, due to our capturing higher market rates that prevailed during this period. In aggregate, these results produced our strongest financial result ever, with a $3.25 diluted EPS and a 23.1% ROE on tangible equity. We believe that our results for the quarter, and indeed for the year to date, are significant positive outliers in our industry, as they have been for some years now. Turning to Slide 3 in the earnings deck, which compares quarterly operating revenues by product versus a year ago. Operating revenues were up a strong 47% in aggregate for the quarter and up 40% for the year to date, despite the generally more subdued market conditions. Aggregate revenues were up 10% versus the immediately preceding quarter. Listed derivatives revenue was up a slight 1%, despite a decrease in volumes of 5%, while revenue capture was up 9%. Revenues were down 3% versus the preceding Q2. OTC derivative revenue was up 43% versus a year ago and up 24% versus the immediately preceding quarter, with volumes surging 46% and revenue captured down slightly. Physical commodities revenues were up a strong 59% versus a year ago and up 50% versus the Q2, due to better results in ags and energy, as well as the addition of CDI, which was acquired in Q1 of this year. Securities revenues were up 76%, although this is inflated due to the gross up of much higher interest revenue in our fixed income business as a result of the Fed rate increases. As was the case last quarter, this was a tough quarter for the equities business, with lower volatility. On the other hand, the fixed income group turned in another strong result. Overall, ADV across the securities business was up 33%, although revenue captured declined 43%, reflecting both tougher market conditions and equities, as well as a continued push into lower margin products. Global Payments had another strong quarter, with revenues up 23% versus a year ago and up 9% versus Q2. Volumes were down 2%, but revenue capture was up 21%. Our FX and CFD revenue was down 17%, largely due to tougher market conditions versus the exceptionally positive conditions in the prior year quarter, which resulted in volumes being down 20%. Revenue capture was up 5% versus the prior year and represented a 49% increase over the immediately preceding quarter. This resulted in a 17% increase in FX CFD revenues versus the immediately preceding quarter. Interest in fee income on client balances was $92.2 million, up 329% from a year ago, as we realized the impact of cumulative interest rate increases. Although the aggregate client float reduced 3% and now stands at an aggregate $7.7 billion. This reduction in client float was realized on the FDIC sweep balances as larger retail securities clients moved into higher-yielding deposits. Versus the immediately preceding quarter, our interest earnings on our client float was down 11%, and the aggregate client balances declined 10%. Moving on to slide 4, which shows the same data for the trailing 12 months. Over this longer period, and despite more challenging comparisons now coming to bear, we realized strong revenue growth across all products except listed derivatives, which was flat, and FX CFDs, which were down 16%. We have generally seen increase in volumes across the board, while revenue capture has been more challenging, generally with lower volatility. Turning to slide 5, and a summary of our third quarter and trailing 12-month results. We recorded operating revenues of $776.9 million, up 47% versus the prior year, and up 10% from the preceding quarter. Our operating revenues were boosted by interest, both on our client float, and also interest that is embedded in our fixed income trading, as I mentioned earlier. Net operating revenue, which nets off interest expense, as well as introducing broking commission and clearing costs, was up 17% versus a year ago. Total compensation and other expenses were up 13% for the quarter, with variable compensation up 5% and fixed compensation up 23%. Versus the immediately preceding quarter, fixed compensation, excluding the retirement and reorganization charges recognized in the immediately preceding quarter, was unchanged at $96.1 million. We reported $69.5 million in net income, and $3.25 in diluted EPS for the quarter. While adjusted net income, which excludes acquisition-related items, was a record $71.8 million for the quarter. Our ROE is 21.6% on stated book value, and 23.1 on tangible book value. Our average gross yield on our client float was 397 basis points for the quarter, versus 379 basis points for the immediately prior quarter. Book value per share closed the quarter at, $64.09, up 24% versus a year ago, and increased $3.77 during the quarter. Again, this quarter larger than our EPS, due to positive changes in other comprehensive income. Looking at the summary for the trailing 12 months, our operating revenues were a record $2.7 billion, up 42% over the prior trailing 12-month period. Our net income was $240.1 million, up 48%. Our diluted EPS was $11.31 for the trailing 12 months, up 44%. ROE was 20.2%, despite our equity increasing 48% over the last 2 years. Turning now to slide 6, our segment summary. Just to touch on the highlights before Bill gets into more detail. For the quarter, segment operating revenue was up 46% and segment income was up 22%. Our commercial segment was up 61% in segment income, off the back of a 48% increase in operating revenues, with strong performance on the OTC products and physical commodity side. Versus the immediately preceding quarter, segment revenues were up 15% and segment income was up 14%. It is interesting to note that in the commercial segment, OTC derivatives and physical revenues both now exceed listed derivatives, which was by far the primary revenue driver in this segment ten years ago. Our institutional segments saw an 82% increase in revenues, but a 5% reduction in segment income. The disparity between these two numbers is caused by the revenue increase being driven by the interest carry on from the fixed income side, as well as higher interest paid on the client float. As mentioned earlier, the equities business had a tough quarter, while fixed income had another good result, as did our institutional FX. The listed derivative business and securities clearing were boosted by interest and fee income. Versus the preceding quarter, segment revenue was up 5% and segment income was down 19%. Retail was much improved from Q2, with continued challenged market conditions, especially when compared to the exceptional results a year ago. Operating revenue was down 16% versus a year ago, up 16% versus the preceding quarter. Segment income was down 35% from a year ago, up 258% from Q2. Global payments revenue was up 20%, segment income was up 16% versus the prior quarter. Versus the preceding quarter, revenue was up 7%, segment income was up 80%, largely due to the reorganization charges recorded in that prior quarter. For the trailing 12 months, we had double-digit growth in segment operating revenue and segment income, with the exception of retail, which was down. As we have said repeatedly, we take a long-term view in how we manage the company and how we grow our franchise. As such, we believe that the best way to gauge our results and progress is to look at longer term performance, such as trailing 12 months, rather than specific quarters taken in isolation. Turning now to slide 7, which sets out our trailing 12-month performance over the last 9 quarters. These numbers have been adjusted for the accounting treatment related to the gain and CDI acquisition, as disclosed in our prior filings, and which appear in the reconciliation provided in the appendix of this earnings deck. On the left-hand side, the bars represent our trailing 12-month operating revenue over the last 9 quarters. As you can see, this has been a smooth and strongly upward trend as we have steadily expanded the footprint and capabilities. Our trailing 12-month operating revenues are up $1.1 billion over this period, for a 29% CAGR. Our adjusted pre-tax income likewise has grown significantly at a 33% compound annual growth rate. On the right-hand side, you can see our adjusted net income in the bars, which is up $104 million over the two years for a 37% CAGR. The dotted line on the right-hand side represents our ROE, which has remained above our 15% target, even though our capital has grown by 48% over this period. With that, I'll hand you over to Bill Dunaway for a more detailed discussion of the financial results. Over to you, Bill. Thanks, Sean. I'll be starting on slide 8, which summarizes our consolidated income statement for the third quarter of fiscal 2023. Sean covered many of the consolidated highlights for the quarter, so I'll just highlight a few and then move on to a segment discussion. On the expense side, transaction-based clearing expenses declined 11% to $66.7 million in the current period, principally due to lower fees in the equity ADR space and global payments, as well as a decline in FX CFD and listed derivative volumes. Introducing broker commissions increased 5% to $43.4 million in the current period, principally due to increased activity in our commercial segment, both in listed derivatives as well as the result of the CDI acquisition, which was effective October 31, 2022. Interest expense increased $187.9 million versus the prior year, principally as a result of a $144.9 million increase in interest expense related to our institutional fixed income business, and a $31.6 million increase in interest paid to, on client balances. Both of these were a result of significant increase in short-term interest rates. Interest expense on corporate funding increased $4.2 million versus the prior year, also as a result of an increase in the short-term interest rates, as well as an increase in average borrowings. Variable compensation increased $6.6 million versus the prior year, due to the increase in net operating revenues and represented 30% of net operating revenues in the current period, compared to 33% in the net operating revenues in the prior year period. Fixed compensation increased $17.8 million versus the prior year, due to a 14% increase in headcount, resulting from the expansion of our capabilities among our business lines, as well as in support areas to facilitate this business growth. The effect of the annual merit increases and a $1.9 million increase in share-based compensation as compared to the prior year. Other fixed expenses increased $6.8 million as compared to the prior year, and $2.1 million versus the immediately preceding quarter. As compared to the prior year, trading systems and market information increased $3.4 million, travel and business development increased $1.3 million, and depreciation and amortization increased $2.1 million, due to incremental depreciation related to internally developed software, as well as higher amortization of intangibles that we acquired. Bad debt expense, net of recoveries, increased $7 million to $6.3 million in the current period versus a $700,000 recovery in the prior year period. This increase was principally related to increase in bad debt expense in our physical ag and energy, retail FX and CFD, and financial ag and energy businesses. Net income for the third quarter of fiscal 2023 was $69.5 million, which represents a 42% increase versus $49.1 million in the prior year, and is a 67% increase versus the immediately preceding quarter. Moving on to slide number 9, I'll provide some information on our operating segments. Our commercial segment added $82.5 million in operating revenues versus the prior year, and $32.6 million when compared to the immediately preceding quarter. The increase over the prior year was driven by a $30.9 million increase in operating revenues from physical transactions, due to increased activity in biodiesel feedstocks and the acquisition of CDI, as well as a $21.7 million increase in OTC derivative operating revenues, most notably in Brazilian markets. In addition, interest earned on client balances increased $23.6 million as a result of a significant increase in short-term interest rates. Average client equity declined 30% versus the prior year, as the prior year period was one with elevated margin requirements following the Russian invasion of Ukraine. Fixed compensation benefits increased $3 million versus the prior year, and other fixed expenses increased $2.1 million, including increases in non-trading technology and support, travel and business development, and depreciation and amortization. Bad debt expense increased $5.4 million as compared to the prior year period. Segment income was $117 million for the period, as an increase over the prior year period in preceding quarter of 61% and 14% respectively. Moving on to slide number 10. Operating revenues in our institutional segment increased $172 million versus the prior year. Primarily driven by a $117.9 million increase in securities operating revenues compared to the prior year, as a result of a 33% increase in the average daily volume of security transactions, as well as the increase in interest rates. The increase in securities ADV was driven by an increase in client volumes in both equity and fixed income markets. As Sean mentioned earlier, the increase in interest rates also led to a significant increase in securities-related interest expense for the period, which I'll touch on momentarily. Interest and fee income earned on client balances increased $47.1 million versus the prior year, as a result of an increase in short-term rates, as well as a 30% increase in average client equity. This was partially offset by a 32% decline in average money market and FDIC sweep client balances versus the prior year. Interest and fee income on client balances was down $2.7 million versus the immediately preceding quarter, as the decline in average client equity and money market FDIC client balances more than offset the increase in short-term rates. The rise in short-term interest rates drove a $182.9 million increase in interest expense versus the prior year. Interest expense related to fixed income trading and securities lending activities increased $144.9 million and $5.7 million, respectively, as compared to the prior year, while interest paid to clients increased $28.1 million. Segment income declined 5% to $45.1 million in the current period, as a result of the $6.1 million decrease in net operating revenues, as well as a $9.6 million increase in non-variable expenses, including a $2.4 million increase in fixed comp and benefits, a $1.7 million increase in professional fees, an $800,000 increase in trade systems and market information, and a $500,000 increase in travel and business development. These negative variances were partially offset by a $13.1 million decline in variable compensation as compared to the prior year. Segment income declined $10.7 million versus the immediately preceding quarter. Moving to the next slide, operating revenues in our retail segment declined $17 million versus the prior year, which is primarily driven by a $16.3 million decrease in FX and CFD revenues, primarily as a result of a 25% decline in FX CFD average daily volumes, which was partially offset by a 7% increase in the rate per million as compared to the prior year. The current period, however, showed a nice improvement over the immediately preceding quarter, with retail segment operating revenues increasing $12.9 million. Segment income declined 35% to $17.2 million in the current period, primarily as a result of the decline in operating revenues, which was partially offset by a $2.3 million decline in non-variable direct expenses. Segment income increased $12.4 million versus the immediately preceding quarter. Closing out the segment discussion on the next slide, operating revenues and global payments increased $8.9 million versus the prior year, driven by a 21% increase in the rate per million as compared to the prior year. Segment income increased 16% to $28.6 point in the current period, as a result of the growth in operating revenues, which was partially offset by a $3.3 million increase in fixed compensation as we continue to build out our payment capabilities. Segment income increased $12.7 million, or 80%, versus the immediately preceding quarter, as the preceding quarter included $10 million in reorganization and retirement costs. Moving on to Slide 13, which represents a bridge between operating revenues for the third quarter of the last year to the current period across our operating segments. Overall, operating revenues were $776.9 million in the current period, up $248.1 million, or 47%, over the prior year. This variance is primarily covered in the segment discussion I just walked through, so I'll move on to the next slide, number 14, which represents a bridge from 2022 third quarter pre-tax income of $70.9 million to pre-tax income of $94.5 million in the current period. The negative variance in unallocated overhead of $13.2 million was primarily driven by a $9.4 million increase in fixed compensation and benefits as a result of the build-out of our compliance and IT functions to support our continued business growth, as well as the incremental costs associated with the acquisition of CDI. In addition, variable compensation increased $3.2 million as a result of increased, improved company performance and additional headcount. Finally, moving on to slide number 15, which depicts our interest in fee income earned on client balances by quarter, as well as a table which shows the annualized interest rate sensitivity for a change in short-term rates. Interest and fee income, net of interest paid to clients and the effect of interest rate swaps, increased $24.6 million to $43.9 million in the current period, as compared to $19.3 million in the prior year. This represents a $10.7 million decline from the immediately preceding quarter, primarily driven by a decline in average client equity and money market FDIC sweep balances. As noted in the table, we estimate a 100 basis point change in the short-term interest rates, either up or down, would result in a change to net income by $17 million or $0.82 per share on an annualized basis. With that, I'd like to pass it back over to Sean. Thanks, Bill. Let's move on to the final slide, number 16. We achieved another set of excellent core operating results. Despite moderating volatility, our transactional revenue was up, as was interest on our client float, validating our business model, which continues to deliver best-in-class returns. For the quarter, we recorded a diluted EPS of $3.25, an ROE on stated book value of 21.6%, and an ROE on tangible book value of 23.1%. For the trailing 12 months, we have recorded net income of $240.1 million, or $11.31 in EPS, equating to a 20.2% ROE on stated book. Our book value per share now stands at $64.09, up 24% versus a year ago. When our performance is viewed through a slightly longer-term lens, such as trailing 12 months over the last 2 years, which evens out quarterly anomalies, our results continue to show strong upward trajectory, growing our revenues at a 29% compound annual growth rate and our adjusted earnings at a 37% compound annual growth rate. While trading conditions moderated with generally lower volatility, we believe that our growing and diverse business and multiple earning drivers will continue to drive growth and to deliver shareholder value. We continue to see growth in client trading volumes and new client acquisitions across our products and across our client segments, which again validates our business model and our growing relevance in our market. We continue to invest in our financial ecosystem, expanding our products, our capabilities, and our talent. We have a unique and broad financial ecosystem with a very large addressable market in front of us. Operator, let's open the line and see if we have any questions at this point. Thank you. We will now conduct the question and answer session. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from Yehuda Weil of Blackbird Financial. Hi, great quarter. I just have two questions. The first is, can you give us a picture of how much you're spending on growing StoneX One in marketing and infrastructure? Two, do you feel any pressure to pay higher interest rates on client flow, or risk them leaving to a competitor? Thank you. Okay. Well, thanks for the questions. Appreciate it. Dealing with the interest rate question first. I guess over the last two or three quarters, as interest rates sort of ratcheted up above 3, 3.5%, we started to hear from, you know, most of our clients that they, they wanted to see, you know, some of that interest moved over to them. That has happened gradually. I don't think we've seen any greater push in the last quarter than we did in the previous quarter. At the moment, I think we're paying out on average about, you know, we have a variety of client bases and, you know, and different payouts, but on balance, I think it's about 40%, Bill, isn't it, of the nominal interest rate we pay out? I think that's pretty much stabilized. On our FDIC sweep, we haven't really changed our interest rate there, which is, is we still capture the vast majority of the interest on that sweep. We have lost some of the larger clients who had large cash balances and moved into Treasuries. The bulk or the bulk of the remainder of the clients in our FDIC sweep have relatively small balances and not easy for them to go buy Treasuries or, or move the money around because the balances are relatively small. That's the biggest impact I think we've seen is, is on the FDIC sweep, and, and that started happening probably 6-9 months ago. On StoneX One, we continue to develop StoneX One. It has been launched. It is, it is out there. We are not spending material amounts of money marketing it at this point. I think we're ramping that up slowly, so it's not a significant number. I think, as I said before, with all these digital initiatives of ours, you should see them as slow, incremental moves, not, you know, things where we're gonna flip the switch and, and you'll see the needle move immediately. I believe over time, though, they'll be critically important for our growth, and, you know, we're very optimistic, and, and have high hopes for, for these digital initiatives, including StoneX One. You know, it's rolling out slowly. We're starting to see some traction. We are adding features to that, and you should see that start to ramp up, you know, at, at a moderate rate over time, is how I would think about it. Does that answer your questions? Yeah. Thank you. Okay, thank you. Thank you. One moment for our next question. Okay, our next question comes from Daniel Fannon of Jefferies LLC. Thanks. Good morning, Sean and Bill. Hope you're well. Hey, Dan. How are you doing? Good. Thank you. I, I wanted just to chat about the environment, because volumes and activity, frankly, your revenues have been strong for an extended period of time. As you look at, like, the health of your markets, the health of your customers, I know it's very hard to predict volumes, but just wanna get a sense of how you're thinking about sustainability and maybe, you know, factors like inflation that we haven't seen historically are, are ultimately going to make, you know, this not, this more of a sustained kind of backdrop. Just curious about your thoughts around that, that backdrop. Yeah, I mean, I, I don't wanna get too far into the realm of prognostication on the financial markets, because, you know, there's so many crosscurrents and unknowns at the moment. But what I would say is, you know, I think what our financial results are showing is, you know, there has definitely been a moderation in, you know, the heightened volatility we saw sort of the 2 years over COVID. That's definitely flattening out. I think you've seen that being reflected in the industry broadly. I think you're seeing it being reflected in our numbers, in particularly in the revenue capture numbers. We're starting to see for the first time in 2 years, some of those revenue capture numbers sort of, you know, either being down slightly or not growing. If you go back sort of the last 8 quarters, every one of those charts, our revenue capture was higher and our volume was higher. I definitely think we're seeing, you know, more subdued volatility showing up with, you know, tougher revenue captured, you know, numbers. On the other side, we are still seeing broadly growth in volumes. I think that's us really sort of gaining market share continuously. You know, I do think there is probably Generically, I think volume in the industry is probably starting to flatten as well, you know, just with tougher market conditions and the sort of all the excitement of COVID and all that dislocation sort of in the rearview mirror now. I think it's become a sort of a more stable, you know, market that's probably not showing the sort of industry growth we've seen before. Despite that, you know, we are putting up numbers that, that show, you know, growth. You know, if you put those two things together, I, I would say, you know, I think we still feel good about our transactional revenue growing. You know, I don't think we're going to grow like we did in the 2 years during COVID, where, you know, every number was up 40%. I think there's a lot of market share out there for us to get, and, you know, we continue to see banks, you know, pushing clients out. You know, there's, there's the next wave of additional capital requirements that the banks are gonna have to deal with. We've just seen this movie now for 15 years that, you know, banks are continuously recalibrating which of the clients on the trading side they wanna keep. You know, the capital requirements for our kind of business is not very friendly for banks. You know, the Basel III requirements aren't great if you're holding collateral. I think banks are now having to put even more capital up. I think all of that bodes well for us in gaining market share. You know, I, I, I, I think we feel pretty good about that environment on the transactional side. you know, clearly not gonna be like COVID, but I think there's gonna be a place for us to still continue to grow our transactional revenue. Now, all of that can change very quickly if you have a bump in volatility. You know, there are a number of things that you could throw out there that would argue for that. You've got an election coming up. You've got, you know, unbelievable sort of political devices going on, which could go badly. You know, you've got an unprecedented level of debt issuance by the U.S. government, Fitch downgrade. I mean, all of these things could inject some volatility in the market, and, you know, if that happens, you know, you're going to see a sort of above-trend growth, because that, of course, will boost revenue capture, that'll boost volumes. Absent anything else, I, I think we sort of see a steady path for us to grow our volumes, you know, at an industry level, then tack on some market share gains, I would say. Then, you know, outside of the rev- the transactional side, then you've gotta take a view on inflation because, you know, interest is a big component of our bottom line. Sort of take a view on, on where you think interest rates may settle. I think the market has generally, as far as I can see, got it wrong. They have continuously underestimated the Fed's resolve here. You know, the Fed has, has kind of just pushed through and has got rates to a level that I don't think anyone thought they would be, you know, 12, 18 months ago. I think there's now starting to be a growing consensus that it may be higher for longer. You know, you know, if you go back 12, 18 months ago, everyone thought we'd be seeing rate cuts by now, and that doesn't seem to be happening. Obviously, you know, these things are open to, you know, sort of what your views are and how you see things panning out, but it feels to me that we're still in a pretty good environment here for a time. Anyway, I hope I answered your question. Lots of rambling, but there you go. Yeah, no, no, that, that's helpful. Appreciate the. Yeah color. Just on that last part. The other thing I would just- Oh, go ahead. The other thing I'd just like to add, just looking at our quarter there. I mean, you know, in a, in a funny way, I mean, we have this exceptional quarter, but when I look at it, our business really wasn't firing on all cylinders. You know, we had a, we had a really good result on the commercial side, largely driven by OTC trading, that largely driven in Brazil, physical business on the renewables side. You know, our retail business is struggling versus a year ago, but sort of improved versus the, the quarter before. Our payments business, steady upward trajectory, so that's good. Our institutional business is really challenged. You know, if I look at that, we've sort of only got 2 of our 4 sector segments that we're doing well, and the other 2 weren't doing so well, and yet we still produced, you know, record results. Maybe we're never gonna see every cylinder in our business firing all at one time, but we certainly didn't see either exceptional market conditions, we didn't see every one of our businesses firing at the same time. What we did see is a very good interest rate environment, obviously. You know, I still think there's, there's upside for us if we can get some of these other businesses doing what we think they can do right. Okay. Just on the interest rate side, looking at slide 15, balances coming down, is that just the lower marginal requirements at, you know, some of the clearinghouses? Just. As you think about, I guess, if rates keep rising, is there, and it was asked just briefly, I think, in that other question, but we shouldn't, the sensitivity table here implies both rates going up and down and what that means for your EPS, but, are you assuming the same kind of pass-through, or are you assuming changes in pass-through as the rate dynamic shifts? Sure. Well, Bill, Bill can tell you what his assumptions are on that. Let me answer the first part of your question. You know, in terms of the interest rate numbers there and, and, and sort of declines and so on, I, I think the aggregate decline in our client float, the, the biggest and most impactful portion of that was the FDIC sweep. You know, we had to, you know, sort of think about the calculus, do we up our payouts to all our clients to the level where we keep the marginal clients? Or do we sort of keep it where it is and maybe lose some of those large marginal clients who have the flexibility to go buy Treasuries? And our calculus was, unless you're gonna push the rates-... you know, all the way pretty close to the T-bill rate, that's what it's gonna take to keep that marginal client. We're probably better off letting some of those marginal clients trade out of the FDIC sweep. You know, we lost about $300 million of, you know, of the FDIC sweep, which is a very lucrative part of our client float. The remainder of our FDIC, well, the vast majority of it are a collection of very small individual balances. The propensity or the ability for those clients to move that cash out is, it's probably pretty limited, and it's not impactful to each of them individually, but obviously impactful for us in the aggregate. On the other side, on the sort of derivatives collateral side, you know, I, I, I think we had a, you know, a small number of very large funds that had big balances with us, who were trading particular strategies, who've withdrawn from those strategies. Those funds weren't very impactful for us because we had very high payouts to those clients because the funds were in the hundreds of millions of dollars individually and, you know, and, and there was a lot of trading volume. You know, we were able to pay back a lot of those funds and still get our desired return. Those funds have left, but on the margin, weren't as impactful on, on, on our sort of interest retention. I, I think that's really what's happened. I mean, obviously, if, you know, volatility remains subdued and, you know, you generally see collateral levels move down by the exchanges, we, we will see that impact. I think it was more the 2 things I mentioned. Bill, maybe you wanna just touch on sort of how we think about the payouts and variables up and down. Just to echo Sean's point, certainly on that commercial side, we saw, you know, earlier in the quarter that particularly the ag markets, the margin requirements fall off. The big delta, as Sean pointed out, is the institutional and the FDIC side. Assumptions on the sensitivity, yeah, they're, they're kind of we, we adjust those, we tweak those on a quarter-by-quarter basis, Dan, but not, not sizably, but it's pretty much right down there as far as retention, right around what we're retaining right now as, as far as clients, paying out to clients and how much we're retaining. We wouldn't anticipate, you know, at this point, that going, you know, paying out much more than we are now. I think we're pretty close to the high water mark on what we would pay to clients, and we'd actually potentially see, you know, maybe that improve a little bit. As, as we've talked in the past, we have some interest rate swaps on that we legged into early in the cycle of this uptick in interest rates, that those are gonna start to roll off. Some of those are, you know, lower rates than obviously current market environment is. We would actually anticipate probably, you know, probably having a little bit more, incremental margin on a go-forward basis. Right now, they're kinda, they're kind of level set at, at, at what we're seeing currently. Okay. No, that's helpful. And just on the expenses, and the outlook, you know, with revenue growth, there's, there's obviously always growth in the variable component. As you look at the, you know, kind of for you guys, you know, kind of next year, fiscally or just kind of the broader kind of investment spend, is there any trajectory that's different than what we've been seeing as you think about your, your planning and/or projects that might be coming online or otherwise rolling off that maybe there's a little bit of benefit? Good question, Dan, 'cause we're heading into our budget and planning cycle here as we speak. You know, we've obviously seen our costs ramp up significantly, sort of during the COVID years. You know, part of that was just this massive increase in, in volumes. We saw, you know, significant increase in, you know, our clients' footprints, market share, all of those things. You know, and there was a pretty big lift in our spend. If you look backwards at the trajectory, it was, it was sort of at the same ratio as our revenue was going up. I think we had some deficits that we had to catch up in certain areas, certain of the support areas. I think we feel we have backfilled that now, and I think we could take on a fair amount of future growth without any significant investment in certain areas. We are pushing hard now to, to try and get our costs curved, sort of refactored down. You know, I, I, I think I spend a lot of money, we've put in a lot of infrastructure, we've invested in a lot of stuff, and if anything, I, I would like to see that trajectory flatten. And I think there's some scope for us to sort of reprioritize, maybe think about, you know, reallocating spend, rather than just adding. That's sort of the view from management at the moment, is we need to push harder at the moment and, and sort of make sure we set ourselves up. I think we've made all the investments we need to. I don't think there's gonna be any massive reduction in investments, but I certainly would like to see the trajectory flatten significantly from where it's been over the last two years. We'll see if we can get there, but that's kind of the marching orders we've given all our people as we head into our planning cycle. I guess I would just add there, Dan, I mean, that being said, right, we're taking the steps necessary to try to control that. I mean, there, you know, inflationary pressures are still there, right? I mean, we've seen increases... Yeah. in market information, you know, medical, benefit costs are, have been going up. You know, we're, we're, we're not a unicorn here. I mean, you know, we're, we're subject to the same kind of market events that everyone else is. We're gonna do everything we can. I mean, there is gonna be, you know, there's still that inflationary pressure that, you know, it's gonna make some of the third-party costs difficult to maintain. Just we have to up our game about adherence to, you know, who we're paying and what we're paying and, and, and make sure it's the right number. There is certainly some pressure there. Does that answer your question, Dan? Sorry. lastly, just on M&A and the environment and, and kind of, you know, valuations maybe were coming in, maybe not so much now, or just curious about the dialogue and/or prospects as you think about capital deployment and potential inorganic opportunities, today. I would say we're seeing a little bit more activity and, you know, we're engaging more with potential opportunities. You know, I, I, I think you've asked this question prior. I would say, you know, 18 months ago, we weren't looking at much at all. I would definitely say that the cadence has, has increased. You know, our hit rate is extremely low because we like to be very disciplined around this. It's good to see that there are more opportunities, and the opportunities are, generally speaking, at more reasonable prices. They may not be the prices we like, but I would say they're more reasonable. I think it's certainly getting into an environment where, you know, there, there may be an opportunity down the line here to, to find some, you know, small bolt-on type acquisitions, you know, if we're lucky. Definitely looking a little bit more favorable, but I wouldn't bank on anything, frankly. I, you know, I think our hit rate is very low. We're very disciplined, and, and frankly, you know, we have a lot going on internally, which is occupying a lot of our time and energy. The opportunities have to be very compelling to compete with what we already have on the table. On a separate but related matter, I think what we are seeing is a lot of talent acquisition. I would say that, you know, our... I, I guess our, our brand and our credibility and our reputation in the market has certainly been significantly enhanced over the last 3 years. We are now, you know, entertaining conversations with, with, you know, impressive people, teams of people from larger competitors who are interested in potentially moving over here. You know, we've acquired some of those small teams, and some of those teams can be as impactful as a small acquisition in terms of the revenue they bring. You know, I wouldn't discount the sort of talent acquisition as, as a way to sort of drive revenue. You know, in certain areas, we are bringing in, you know, some, some really nice people. Not significant numbers, but I think, you know, teams and, and individuals that will make a difference. I, I think that's part of what we do as sort of business as usual, but I think that environment has become more positive for us as we become better known in the market. And some of these people are, are, are sort of telling us that, "You know, I, I sort of noticed StoneX. I'm unhappy. I'm at a big bank. I don't like it there. You know, I was thinking about joining you guys, and I sort of spoke to all my investors, and I got incredible reviews on how great StoneX was, and I had no idea. Now I really wanna come work with you guys." You know, it's great when you hear that, and we're starting to hear that a lot from people. You know, just add that in itself as well. Oh, that's helpful. I think that's it for me. Thanks for taking all my questions. Of course. Thanks, Dan. Thank you, Dan. Okay. Operator, do we have any other questions lined up? I'm showing no further questions at this time, so I'll go ahead and turn the conference back to you for closing comments. Okay. Well, thanks, everyone. Thanks for your attention. I wish everyone enjoyed the rest of the summer. Also just a shout-out to, you know, the very talented and amazing team at StoneX, who continues to deliver phenomenal results for all our shareholders. Well done, team. Great performance. Thanks, everyone. We'll see you in the fall. Cheers. Thanks, everyone. Okay, this concludes today's conference call. Thank you for participating. You may now disconnect.