So as a global custodian, what benefits do you think master record keeping provides to your client? Master record keeping is giving your client access to a myriad of different data feeds. It's basically providing a deep dive on data with regards to the all the funds that are held with yourself. So the benefits of having a master record keeper from a client's point of view is that in the field of risk management, it the data allows, allows reports to be created that will allow the client to accurately access risk, optimize credit policy, and reduce operational risk. In the field of trade execution, it will allow the client to reduce trade failures, reduce execution costs, and reduce his capital expenditure. Importantly, with regards to re regulatory compliance, it provides the client with the data to accurately assess risk, optimize the credit policy, and reduce operational risk. With regards to the client's own experiences, well it should mean that the client's having less issues, so therefore the client experience will go up. Hopefully they'll feel better about the global custodian they've selected. It should assist, improve employee productivity because the employees will have less issues to be looking at and there'll be less questioning going on as most things should straight through process and data mining is assisting them to be given automated answers and resolutions. It should also allow the client to be able to do more automated onboarding, whether that be in the space of maybe placing a new fund into the custody arrangement, requesting new markets, find them the opportunity to open up a new bank account. All quite simplistic things, but allowing them to do these in a more automated fashion. It should also allow the client to be able to look at the different funds and the productivity on the funds. It should provide our client with the ability to identify which of their funds is performing the best, it will allow them to focus in the areas that they're having best performance and know which products are the ones that maybe they need to review in-house to change slightly, to get them to be more profitable. Master record keeping is the ability to provide the client with a provision of customized performance reporting. They will then place this through customized reports to be able to have data, which shows them what areas is working well for them and what areas they need to improve on. And in that improvement, hopefully the data will show them what they need to improve on. This is a massive value added service that custodians add in addition to just vanilla custody and clearing processing.
