 There's nothing to press because I have no slides. And I get it now that I'm here. So for any of you who don't realize what's going on, two brilliant women, data scientists, professor, and they're followed by an enterprise legacy old guy. So bring that back to your companies. Bring that message really loud and clear. If you don't understand it, come see me afterwards. So I have no slides. I'm really just here to tell or share a story of where we're at in our brief few minutes together. About a month ago, we completed the development phase and moved into user acceptance testing with the financial industry, with the project to take a mainframe application that's over 10 years old and move it to distributed ledger technology. Technology is built on a private permissioned version of Ethereum open source. We're using Hyperledger Explorer as part of the governance function. We use third party vendors. We partnered with a startup. And it's completely in the cloud. For those of you who know DTCC, might be saying, who is this guy and what have you done with my steady, stable DTCC? For those of you who don't know us, let me share who we are and introduce ourselves. So DTCC, let me start with a big number, 1.6 quadrillion. That is actually a number. It's the amount of dollars in trading activity that we processed last year. Our very first innovation about 45 years ago was to take paper stock certificates that were moving around Wall Street. With runners and bicycle riders and messengers, put them in a vault and computerize the industry ledger and the settlement of equity trades. So we make sure that buyers would get their stock if they bought, sellers would get their money if they sold. Over the years, we've added a variety of other products and services for the industry. About half our revenue now is coming from things that we didn't even do, products that didn't even exist 15 years ago. We're owned and governed by the financial industry. And our mission and purpose is to lead the industry, mitigate risks, lower costs, and build processing efficiencies. That's our entire motivation. There is no conflict. There's no public shares of DTCC. And our entire goal is to create safe and sound markets and make sure that we can operate those markets in a reliable, continuous fashion every single day. We're considered systemically critical financial infrastructure. We provide a range of services in the United States. And we provide services globally. As a systems that are expected to be up and processing that runs every day, we're regulated by regulators around the world, including the Security Exchange Commission, the Federal Reserve Bank, the New York State Banking Commission, the CFTC, the FCA, the MAS, and over 40 different regulatory bodies. So we're very heavily regulated. We're very risk averse. We have a proud mainframe legacy. We have a collection of 60 million lines of COBOL code, DB2, RPG, JCL, some of the original favorite acronyms of the technology industry. So with all of that background, let me explain how we do innovation, how we've adopted open source, how we're working with hyper ledger and distributed ledger, and basically how we manage the tension between our strategy and the desire to support innovation and the corporate antibodies that desire to identify it, seek it out, and kill it. So how do we innovate? Let me take back to our mission of leadership, focusing our risk, lowering costs, and finding efficiencies. Our number one priority at DTCC is always to lower risk. We focus on single points of failure, operational risk, resiliency. We have teams that are completely focused on business continuity. We run tests or preparations for tests or table tops about tests almost every single weekend all year long. We have those cycles and risk reviews of almost every single thing that we implement, everything that we do. So when we started looking at open source over a dozen years ago, the very first thing we did was say, let's start with a risk perspective. Let's bring in our legal team. Let's educate them. Let's make them understand what the issues are around copy left. Let's let them understand what the letters WTFPL mean. For those of you who know what those letters mean, if you don't look them up, it's one of the more interesting open source licenses. For cloud, we established a cloud review council made up of all of our control functions. So the cloud review council has over a dozen members and probably three quarters of them are from control functions that are entire functional units in the corporation. Operations risk, business continuity, information security, physical risk. So basically every aspect of how we might look at an application or the data externally, we have this control function to review it. But their goal is to say, what are the risks? How would they mitigate those risks? And if we mitigate those risks appropriately, what are the steps to move forward? So the goal is always, how do we move forward? How do we get the ball upfield and score points? So it's not about squashing innovation. The goal is figuring out how to work with your control teams. How do you work with all the groups that are focused on risk and enable innovation? Second, leadership. Almost everything that we do is and everything that we provide is an industry function. We provide a settlement and clearing system for the entire industry. We provide regulatory reporting for the global industry. So when we move, it means we have to move with the entire industry. So creating the leadership, creating the first movers, creating the idea, means building industry consensus. It means getting everyone on board that this is the right thing to do for the industry. This is the way to innovate and move the industry forward. But then once you move, the challenge is probably less building the application. It's actually getting adoption. Building is really easy. Retiring old is really hard. So moving the industry to a new standard, getting them to migrate existing trades, existing processes, existing reference data, existing connections to something new, and then adopting something new, like adopting a distributed ledger node. Bringing all of that to the industry and getting adoption is a lot of what we focus on. Next, third is cost. Everything we do has a business case. Everything we propose, all of our innovations, we've established a number of internal shark tank equivalents where we have an innovation fund. And that innovation fund has to deal with things like end of life. It has to deal with things like an annual or a regular refresh cycle for networks, for our internal technology. But it also has to address things like how do we move the organization forward? What do we invest in open source? Even if there's not going to be an immediate return, what is that long-term return? Distributed ledger, how do we get involved? What are the right steps to invest in it? What are the steps we should take now? What are the steps we know we're gonna have to take in the future, because the technology is gonna change? Anything you do now, you know you're gonna be replacing in a few years? So what are the steps that we should do in the way we're being forward? And where is the business case and what does that revenue look like? So there's literally shark tank activities that go on on a regular basis inside the organization. Groups make pitches. They show what their current results are, what they've accomplished to date, whether it makes sense to keep going with this project or it's time to shut it down. And lastly, it's around the process efficiencies. What are we doing that can either improve internal processes or improve our clients' experience? And we've spent a lot of time over the last few years on client experience. The legacy of DTCC, for those of you who've worked with DTCC is we're the plumbing. The plumbing is supposed to be boring. Generally the plumbing is supposed to be boring and unseen behind the walls. You go to the bathroom, you don't wanna see what's behind the walls. You don't wanna see what's in the pipes. But what came to probably the biggest public eye five or 10 years ago, probably getting close to 10 years ago is when there were a variety of scandals in the financial industry, in particular the Madoff scandal where, and I'll often point to two different movies that maybe you have seen. I think one's on Netflix, one might be on HBO. There's one with Robert De Niro as Bernie Madoff, one with Richard Dreyfus as Bernie Madoff. In both of those cases he's running the scheme, he's making lots of money, he's being investigated, he pushes off the regulators, he pushes off the investigators, says here are my reports, don't worry about it. And then in both movies there's the scene where the regulator says oh, and what's your DTCC number? And they want the DTCC numbers, they can go to the DTCC screen and look up Madoff and be able to see his account and what he holds. And in both movies there's suddenly ominous music, he goes home, he's hanging his head, both Richard and Dreyfus and Robert De Niro do it in a slightly different way. And they're looking out the curtain, waiting for the police car to pull up because he knows if they look at the DTCC screen, they'll see instead of the 50,000 shares of Verizon that he told all his clients that he has, he has 20. So as soon as that happens, he'll be going to jail, his thing will be busted, no police car shows up, they never looked at the screen, he goes on his merry way until you know what happened in that story. But the realization there, and I think the realization for the industry in particular as this technology emerged, distributed ledger, is that there's an opportunity to improve the capabilities that exist. So all of that, the leadership, focusing on risk, focusing on cost and focusing on efficiencies have kind of led us to where we are today with open source and with Hyperledger. First talk about the project that I mentioned earlier. So this project was a trade information warehouse for credit default swaps. It has been in the media over the last couple of years. We've been working on development for about 18 months. We worked with the entire industry. The industry said this is a good place to focus because it's an old application. When we turn on the new, we could turn off the old. So this is a good place to focus all of our efforts. It's an ideal candidate because it's a very well-defined asset type. It's a very well-defined set of transactions. And everyone in the industry was aligned with this is the right place to focus an initial use case. So we've created the appropriate working groups. We created a very transparent process within the community of how to pick a vendor, how to implement the project. We've gone through the project with the entire industry. We do constant lessons learned. For those of you who work with open source and particularly your developers working with Ethereum, some of the interesting points that you learn is it's like going back to the future or back to the past. Some of the problems we dealt with 20 and 30 years ago where a database problem would say database error and you'd have no idea where that error is but it's a database error. Ethereum will say out of gas. You have no idea where the error is but you're out of gas, you're basically burning all your energy because the smart contract can't process. So all of the things that you've learned in technology continue to apply. All the tools that need to be built will continue to be built over the next five or 10 years as the technology matures but it takes enterprises trying to move this forward. It takes industry and communities trying to move the technology forward to get to those advances. So we've moved that technology now into client testing. We expect to be live before or after Brexit. Another thing we're seeing is to my earlier point about client onboarding and client acceptance. A lot of firms that said we want you to give us a node. Now we're saying, all right, we're about to go live. Where do you want us to put your node? Do you want to install it in your shop? Do you want to put it in a cloud vendor? They're saying, well, can you run the node for us? We're not quite ready to take a node. We haven't figured out exactly how we're going to integrate with that node. So we're looking at what those processes are going to be if we have to enable clients to take nodes and we have to run nodes for them for a period of time. So we've spent a lot of time on what that onboarding process will look like, what the governance model looks like. And we realized as we're building out governance that Hyperledger Explorer, which is a project that we've been leading and working on with Hyperledger, is an opportunity for DTCC to leverage open source and build a governance process that allows us to see what nodes are up, see what clients are using their nodes, make sure that the network is operating properly, try and find problems when they occur. And if we need to interrupt processing and fix something that's going wrong, build the right tooling to be able to support that. So there are many other discussions and projects in our pipeline. One of the interesting things we've found is that by investing in open source and working with the Hyperledger project and leading some projects, we've been able to recruit more talent. We've held meetups in Tampa this week. The very first Hyperledger meetup was held at DTCC, literally a few weeks after Hyperledger started, we've held a meetup at our office in Chennai. And these meetups mean, in DTCC offices, we're hosting 40, 50, 100 people that come in and talk about different topics about distributed ledger, about FinTech, some of these things have evolved into hackathons. So getting involved in open source, not just taking from open sources, which is what DTCC and the financial industry have done for many years, but contributing back has really returned benefits, has really created a new set of energy inside of the organization. It's turned some of our processes around risk and legal review into instead of just a purely defensive perspective, what is it we can do that enables the industry to move forward? What code can we contribute back that will be able to help firms take advantage of some of the lessons that we're learning and be able to implement them either in the financial industry or potentially in other industries that are using distributed ledger. So I wanted to share kind of where we're at and how we've progressed, the brilliant partnership that has evolved with Hyperledger and Linux Foundation, in particular working with Brian and other members of that organization about different opportunities that we might pursue and just what it takes for an enterprise to kind of change its long history and legacy to adopt and integrate with where the technology is today, but at the same time, not lose sight of its mission to lead, focus on risk, cost efficiencies and processing efficiencies. Thank you very much.