Now local market regulations at central securities depository level can have a determining factor as to whether segregated or omnibus accounts are used. Clearly, if omnibus accounts are not permitted, then we have to do everything through segregated accounts. Even if the client requests omnibus accounts, we can only do whatever it is that the local market regulations allow us to do. All client assets have to be kept separate to those of the actual financial institution. There is to be no co-mingling of funds where a financial institution is claiming that the assets that are held by a client are actually that of itself. And this is done at both global custodian and or at sub custodian level. Now, reconciliation is key here. At all times the global custodian records are being reconciled with the sub custodian records, and guess what? They should be the same. There will also be some spot checks performed to verify that the global custodian records against those of the sub custodian as well as at the central securities depository. If I'm the global custodian, I want to ensure that my sub custodian is also doing a reconciliation with the central securities depository. We do not want any surprises later down the line. Now, a global custodian will also have got legal opinions as to how to ringfence their assets and their customers assets across the various different markets. To ensure an asset recovery process can be obtained in the event of either the insolvency of a sub custodian or a central securities depository, it's got to be said. The global custodian will also be doing constant risk monitoring to actually negate the need for this to be done.