 Thank you very much, President Draghi, and thank you for these insightful remarks. I'd first like to apologize on behalf of Valdez Dombrovsky, so he had to stay in Brussels quite last minute, and so I had quite last minute to stand for him. Fortunately, I was in the next panel, so it's not too problematic. I would like to update you on three things, basically, during these introductory remarks. First of all, the progress the Commission is making in building the Capital Market Union. President Draghi referred to it. We see it as extremely important, and as a compliment to Banking Union indeed. Second to share with you some thoughts on the important contribution that post-trade services have to make in that respect, and finally say a few words on our approach to the digital revolution that is largely ahead of us. A lot has been done, but I think digitalization means something different today that it meant throughout the last 10 to 15 years. Last September, the European Commission reaffirmed its determination to build a Capital Market Union. And for those who thought we might waver following the UK referendum, we wanted to be absolutely clear. First, we are going to finish what we started. And second, the prospects of Europe's largest financial center leaving the single market simply make the case for deeper capital markets across the rest of European Union more urgent and more necessary. We need deeper capital markets so that companies can get the financing they need, whatever their stage of development. We need deeper capital markets to support the long-term investment that our economy needs to remain competitive, and we need deeper capital markets to have more efficient, private risk sharing mechanisms throughout the Union, and in particular throughout the Eurozone. So the first wave of capital market union measures is well underway. In December, we have agreed another whole of the prospectus regime to make it easier for companies to issue equity and debt on public markets. A carefully balanced proposal to restart securitization markets with simple transparent and standardized securitization is currently being discussed by the European Parliament and the Council, and I would add is finally moving forward. And the proposal to strengthen Europe's capital market and support socially minded investments is on the table. Council agreed its position in record time, and we are very much counting on the European Parliament to do the same. So now we are just entering phase two of capital market union project. We have just launched a consultation to shape this next stage. And building on the initiatives we have already taken, help us go further, and we would be very keen to receive as many views as possible. So please respond to this consultation. There are a number of areas where work is already underway and where we want to fasten the pace. I am thinking of our work to support the effective restructuring of viable businesses in order to give these companies a second chance. Our recent proposal to reduce the debt equity bias in our tax system as part of the common consolidated corporate tax base, and our effort to see how best to create a pan-European pension market before coming forward with legislation on this subject later this year. There are a number of other areas the Commission committed to being more ambitious. We want to do more to support sustainable finance and have set up a high level expert group to develop a comprehensive strategy for the EU, without the chair, somebody President Draghi knows well, my friend, Christian Thiemann. We are keen for Europe's financial sector to make the most of innovation of fintech and the opportunities it offers to make financial market infrastructures more efficient and also be more in a position to tackle the many challenges it poses to regulators and supervisors alike. But we are also very clear that the capital markets union success will partly depend on having the right capital markets infrastructure in place. Today there are over 30 central securities depositories, so-called CSDs, another 17 central counterparties, CCPs that are established in the European Union. In 2015, European-based depositories held client securities worth around 50 trillion euros. And between 2010 and 2015, securities worth more than 9 trillion euros were added to the accounts of European CSDs. And if behind every successful company there is a team, behind every dynamic capital market lies solid market infrastructures and reliable post-trade services. And as we gradually knock down the barriers to the free flow of capital across Europe, the need for these services is likely to grow, bringing huge benefits to the providers. So all vision for post-training services within the capital markets union is one based on competition and transparency and choice. Efficient services delivered safely in a clear potential framework. We have already made good progress. The crisis revealed gaps in our legislation that we moved swiftly to plug. A whole new regulatory architecture was put in place, armenizing rules across the EU. I am thinking in particular of the European market infrastructure regulation, the central securities depositories regulation and securities financing transaction regulation, all put forward by the Commission under the leadership of Commissioner Barnier and all agreed between 2012 and 2015. For the first time, market infrastructures such as CCPs and CSDs became subject to EU-wide legislation. An existing legislation governing other infrastructures such as trading venues was overhauled, when we updated the market infrastructure instruments directive and regulation MIFID and MIFIA. These reforms have had a major impact on how post-training services are provided and how market infrastructure operates. But these regulatory changes should not be viewed in isolation. There have also been significant market-driven adjustments and the rollout of target two securities T2S that President Draghi referred to, a single pan-European platform for securities settlement, should make a real difference to the financial services industry and the provision of post-trade services across border. The synergies between the central securities depositories regulation and target two securities and the harmonization work that was done to create a single settlement platform is truly impressive. But yet, much more remains to be done. In response to the Commission public consultation on the CMU action plan, stakeholders have identified a number of post-training barriers as being key impediments to the creation of a genuine capital markets union. Market inefficiencies, legal barriers, insufficient competition, low market confidence and the absence of a level playing field still prevent European capital markets from reaching their full potential. As we know, some of these barriers are long-standing and others are more recent, sometimes due to the unintended consequences of the new regulatory environment. This is to better understand these barriers that we have taken a comprehensive approach. We have launched under the leadership of Lord Hill a call for evidence on financial services legislation. That is, a public consultation in order to check for inconsistencies, duplication and unintended consequences in a regulatory framework built at record speed in response to the crisis. We have recently published our analysis of the evidence we received and we have already drawn on this to inform our recent EU banking reform proposals. And we have also fed evidence gathered into our recent reports on the European market infrastructure regulation which will inform the legislative proposal that we will propose in spring. As part of the CMU action plan, we will undertake a more targeted review of the progress towards removing barriers to cross-border settlement and clearing across the single market. Early last year, we established an expert group, the European Post-Trade Forum, which is preparing a report assessing the state of post-trade services, identifying remaining impediments to business and those that arise today, as well as those that might arise in the future. This group will deliver its report by the end of March. After this, we will, as usual, consult on its findings, with all interested parties. This public consultation will help decide where further action is needed to improve the functioning of post-trade area and to deliver against the objectives of capital market union. We are also keen for digital technology to play its part. FinTech is a risk, FinTech is a challenge, but FinTech is also a great opportunity to increase choice, to increase competition and quality of services. New payment services technology is supporting fast and secure transactions. New data technology underlies better informed investment decisions. Improved risk management and improved business processes. Our consumer's technology is making financial services more immediate all over the single market. To remain competitive, Europe must make the most of this disruptive change to deepen its single market. As far as post-trade services are concerned, new technology has the potential to reshape a whole area of business. It could accelerate settlement processes and make real-time settlement feasible. Cross-border issuance could undoubtedly be made easier and financial reporting be streamlined. FinTech enthusiasts even argue that barriers which have dogged the post-trade industry for decades, such as issues related to securities law, could be in part overcome. This is partly because distributed ledger technology could turn traditional financial market infrastructures on their head by, as some claim, even removing the need for centralized infrastructure. Whatever one think about this perspective, this is certainly a challenge we should study, an issue we should recognize and that we should take on as market regulators. Our challenge is certainly to keep on top of these developments and ensure that our regulation keeps up with them, without stifling innovation, providing the space for financial integration while bearing down on new sources of risk, including on cybersecurity threats that President Draghi referred to. Interappearability and open access to the standard is crucial for a competitive and inclusive marketplace. The Commission will remain fully engaged in groups following digital ledger technology, particularly the groups led by the European Central Bank and the European supervisory authorities, and in the work being taken forward by international organizations alike. But to refine our approach in Europe, we have also recently created the Cross-Cutting Commission Task Force on financial technology. It brings together financial regulation experts, with specialists in technology, data and competition policies. We will use this task force to determine whether existing rules on policy are fit for purpose, look at new frameworks, and determine where there is a need to act at European level to support the safe shift to new technologies. Ladies and gentlemen, to conclude, the Commission believes that this approach would enjoy broad support. We want to work with industry supervisors. We want to work with the ECB, the European Parliament and member states to take this forward. Take legislative action only where it can make a difference positively to maintain stability and support investment, or cater for risk. Ensure a modern, digitalized financial services industry that can play its full part in supporting an integrated financial sector and sustainable growth in Europe. That is our goal. Thank you very much.