 The current environment is really changing the way quite a lot of the retail investors are thinking about the market. We have to be very careful in the ecosystem to create stability in these uncertain times. All those millennial engines have entered the capital market space as retail investors, and it was much more stable, I think it was growing, and then all of a sudden they are facing bank instability in certain parts of the world, more volatility altogether, some inflation, and then a recession which has been looming on either for the end of 23 or beginning of 24. All that will create some new uncertainty that some of our retail investors haven't been used to and do not necessarily know how to address in the different products they've invested. And for us as market operators or a part of the ecosystem, our duty is to make sure that all those retail investors continue to trust the system. There is full transparency and that we continue to educate everyone so that they are not worried about some of the short-term hiccups in their stock performance or in some of their investment, but that they continue to view their investment and their engagement with the capital markets with a medium to long-term view. Democratization is very simple. It is about retail investors engaging with capital markets. We need to make sure that democratization in the capital markets comes with some kind of a framework to allow proper access, proper transparency and proper education. And I'm convinced that both the regulators and all the market players will do all the things they need to do to ensure the trust in capital markets. This is critical. It will be at the center of it. The digitalization is completely transforming the capital markets. It's a journey. We are definitely not at the end of it. It will allow us to reach new communities through decentralized finance, through digital identity. I mean, it's all a new area. It's about having a long-term vision about wealth creation, about your future pension for the new generation coming into the workforce. What digitalization is allowing is for us to have much more bite-size investment, I would say, of those private asset investment. And I think that is extremely helpful to allow for more new opportunities for private investors to access the private sector, which was not the case before, unless you were a high-net-worth individual. There is a booming part of the capital markets in private assets, which is becoming available. And as market participants and regulators, we need to be extremely careful to see how that is going to become available to retail investors. All the noise, if you allow me, around crypto and blockchain that has happened recently has not completely helped. And this is why I am cautious in the pace at which all those Web3 is going to develop and the benefits and opportunities it will create. This is not just a US or European phenomenon. This is a worldwide phenomenon and it's just increasing.