As global custodian, we need to monitor and chase any uninstructed positions on behalf of our clients. This means we need to chase the client up. We need to manage the diaries around this event. If our client needs to have performed an action by a certain time, we need to tell them. We also need to let them know what the critical dates are with regard to the event as they may decide to alter their portfolio. On behalf of our clients we need to settle the corporate event in accordance with the terms and conditions. This includes setting the resultant positions across our client's accounts that are held with us as the global custodian. And lastly, but not least, we need to protect market positions, both trading positions and stock loan positions subject to this corporate event.