So let's look at settlements. First of all, within the world of administration of assets. Settlement is the actual exchange of money and securities between the parties of a trade on the settlement date after agreeing earlier on the trade. Most settlements of securities trading these days is done electronically. Stock trades are settled in three business days, T plus three, while government bonds and options are settled the next business day, T plus one. In futures, settlement refers to the mark-to-market of account using the final closing price of the day. A future settlement may result in a margin call if there are insufficient funds to cover the new closing price. The modern settlement and clearing evolved as a solution to the paper crisis of the securities trading. As more and more stock and bond certificates were being traded in the sixties and seventies. The first solution to this problem was to hold certificates in a central depository and record change of ownership with a book to book entry. This is all done electronically. The New York Stock Exchange was the first to use this modern method, and as we all know, the CSD in the US is called the Depository Trust Company. Now that securities have been dematerialized, all the settlement was done electronically. All this has become highly automated through the use of SWIFT, who have dedicated their whole MT500 range to a series of different messages totally dedicated to the provision of security services. The volume of transactions now is huge. I've popped down hundreds of millions of trades per annum. The reality is it's probably billions of trades per annum. Can you imagine if all that was still being done by bits of paper needing to be physically moved between clearing exchange, waiting for checks to clear so that we all knew finality had occurred. We will be talking weeks and weeks before transactions were occurring, whereas now they happening across a matter of days.