 Okay, everyone, thanks for joining us. I am very excited to, this is my first time at the open source summit Europe. So very keen to share the good word of open source in financial services with you folks. Wish me luck. This is a live session. So please, if you can drop your questions in chat and I will try to leave some time at the end to cover them. So, what we'd like to start with, it's an introduction. My name is Gabriela Golumbura. I'm the executive director of FINOS, the FinTech open source foundation. We are the open source foundation fostering open source collaboration in a pretty silent industry like financial services. So today I'd like to share with you where we're coming from, where are we going, and why we're seeing so much momentum in open source and financial services. But before we get started, this is our, I wanna send a shout out to our members and thank them for the continuous support that they've been giving to FINOS. As you can see, we have the luck of having a pretty broad community of banks, technology companies and several FinTechs and open source smaller firms who are really helping us growing this community. I also wanna take an opportunity to send a shout out to Suze who has just joined FINOS as a gold member and also to air the Alliance for Innovative Regulation and Inter-Work Alliance who have become our first to associate members in FINOS. So a support that continues growing not only in terms of corporate members but also in terms of associate members that help us expand our footprint in the industry and beyond. So before we get started, our charter, as I said, is to create a global community collaborating on open source, open standards, open services and APIs and open policies that really drive a mutualization in this industry. This is a word that you hear a lot from me today but it's certainly one of the most compelling reasons why large firms like banks and as you're more familiar, technology companies really leverage open source. But this is really a means to an end. Our goal is to drive faster innovation in an industry that really needs it. Financial services, as you probably are familiar with or maybe you're not, but it certainly has some amazing technology but there's also a huge amount of legacy technology and so that's what we're chartered to. Of course, the initial reaction when someone hears, especially a couple of years ago, open source and financial services is a little doubtful. In my 20 years in open source communities, it certainly has been one of the industries that has been a little bit more lagging when it comes to adopting, not just adopting open source, there's certainly a pretty broad adoption already for quite a few years but certainly when it comes to contributing and really strategically using open source as a way to again reduce cost, faster innovation and really solving problems that are beyond the scope of each individual constituent in this very, very important ecosystem. And so the good news today is that actually open source has become, has seen a massive growth in the last two years in the industry. And again, it's been the end of a, or the culmination, better said, of a process that has been going on now for several years. And to be clear, this is not just about press and the articles that you see out there. What I hope I'll be able to share with you today is that we are talking about active contributions and really large institutions taking the plunge into open source collaboration, something that I think again, was long overdue as we've seen many industries moving to open source collaboration over the last two decades. In fact, hot off the presses, last week we just announced a major contribution. Goldman Sachs, one of our Platinum members has been working with us and with the community for now about a year to open source their legend logical modeling platform. This is a pretty big deal for us. I hope you'll find it interesting. These is years and years of intellectual property that got contributed by Goldman Sachs to our community. Not only to of course mutualize the development of a pretty, again, powerful data platform and underlying language, programming language, but also to really enable the industry to collaborate on common data models. Again, when you're looking at collaborating in an industry that has been largely siloed, starting from data, from standards, from common models is a great place to start. I'm really excited to see, not only you can check out the code at github.com slash venus slash legend, you can learn more, we have a whole documentation site that you can check out, but also we are, as Finos, hosting an instance for legend. So if you go to finos.org slash legend, you're actually being able to try it yourself. You learn hopefully throughout this presentation how that is very important to enable easy evaluation of open source software that then hopefully gets adopted and contributed to by a wider and wider community. So this is not just about legend, as I said, over the last few years, we have created a pretty lively landscape. And I would love to take full credit that this is just because of Finos and the really relentless work we've been trying to do over the last over the short four years of our existence. But the truth is that there are several factors that are playing into this growth of what we call the open FinTech landscape. And these are the reasons that hopefully I'll be able to share with you throughout this presentation. In the meanwhile, check out landscape.finos.org, have a look at the over 40 incubating and active projects that we host. I will be sharing with you some of those later in the presentation, but feel free to, if you're familiar with other foundations, you should be familiar with the landscape. We are definitely trying to leverage existing tools from the Linux Foundation to again, ensure that all of you familiar with this construct can navigate and browse and learn about our project. So please check out landscape.finos.org and just know that this is a community-driven effort. So of course we're welcome to have your contributions on this GitHub repository. And so you don't have to trust me to know that open source is on the rise in financial services. Of course I've shared a couple of examples, but I would like today to walk you through why open source is becoming so popular in financial services. And by open source, I mean open source contribution and collaboration, not just consumption. How we in Finos have helped grow this ecosystem and what do we provide to our community to enable this type of acceleration and this type of really, again, safe space for the industry to collaborate in the open. And finally, what projects you can get involved today as we of course hope that this will be a new area for you to contribute on, again, a very nascent community which we think presents a huge opportunity whether you are representing your company or whether you are contributing as an individual. So let's start with why. Why are these large financial institutions who've been for several decades, if not centuries, working in a very siloed, conservative approach, how is it that they are now looking, not just looking, but they are actively contributing? I mean, Finos this year received over 60% of its contributions from banks which is actually pretty unprecedented. And so let's have a look at what are the reasons we think have drawn such a acceleration of open source engagement in this industry. Well, look, the first and foremost is when you talk about corporate engagement, you always have to look at what are the business drivers that are making an industry more comfortable with taking additional risk. And this is, I wanna be clear, something that was very clear already prior to this very particular year and the acceleration that we've seen in so many elements of digital engagement, distributed workforces. But the truth is that in Wall Street and beyond, when you look at the financial services industry and investment banking, the trading income, if you look at the top line starting 2008, 2009 has plunged about 40 billions over the last 10 years. This would be just to give you an example almost as if JP Morgan and Goldman Sachs would suddenly disappear. So the top line and the revenue is not where it used to be 10 years ago. And if you pair that with the fact that the bottom line has shown massive increases in regulatory costs following, of course, the 2008, 2009 crisis and the regulatory context that happened afterwards, we're looking at margins that are much thinner than they used to be 10 years ago. So if you expand that, it's pretty straightforward to understand that there's just simply not enough money to continue throwing, again, huge amount of money into any type of technology problem. And so that really is forcing this industry into more and more efficiency, more and more, much more purposeful technology strategy. And open source, as I think we all know, having lived and breath and grown in an open source community, we know that that can deliver all this good stuff, efficiency, mutualization, reduction of costs, reduction of total cost of ownership of your technology. And so this is, I think, the first fundamental reason why this industry has been looking at open source in a much more serious way. The second reason is the financial ecosystem, the financial ecosystem, the financial technology ecosystem has drastically changed over the last few years. Now, everyone is familiar, I think, differently than maybe five or 10 years ago with the word fintech. We have over the last 10 years had a massive rise on investment in financial technology startups who are really starting to sort of bring that customer-centric and that sort of agile approach to again an industry that was largely dominated by incumbents, both from a vendor standpoint and financial institutions. This is really pushing the envelope when it comes to ultimately the customer experience that these large financial institutions have to deliver. And in a way is sort of chipping at the business, chipping at the very way these institutions have been doing business for decades. If you go even further and you look at the decentralized ecosystem movement, blockchain technologies, distributed ledger technologies, again, there are technological innovation that are fundamentally challenging the role in the industry and the position that some of this very large financial institutions have. And so the bottom line is that this ecosystem is moving more and more to become an open ecosystem as opposed to a very close, very silent ecosystem where elements like interoperability, elements like streamlined workflows across the end-to-end streamlined workflows where ultimately the mobile native and digital sort of native experience that the audience is looking for is again, pushing further and further these institutions to innovate. So again, need for efficiency, need for innovation. And finally, again, this is personally a word that I don't love, the digital transformation. It can be pretty opaque at times, but it is true that every financial institution to a different extent, it either is a technology company or is looking to become a technology company. And one of the common sort of journeys that the whole industry is going through is the move to cloud. In a regulated industry, A, you have probably the most complexity to move your workloads to cloud, having to take care of several regulatory constraints, but also on the flip side, again, that means that we are still sort of a little bit earlier in the days when it comes to the whole industry migrating to cloud. And so these major sort of shifts that are happening in the technology organizations within financial institutions, with the lion being more and more blurred between what is a bank and what is a technology company that is really pushing, again, A, the banks to innovate faster, B is bringing talent that is typically, that you find typically in technology companies more in position of leadership in these institutions. And so you're seeing actually a very strong push to take more risk, of course, in a controlled way, but to really further innovation ahead of, again, a very conservative industry that has been for decades. So if you pair these three major drivers, then you see why Finnaz was created and why we are really trying to bring everyone to the table. This is not just about financial institutions, this is about technology vendors, whether you are a fintech vendor or you are a quote unquote big tech vendor or an open source vendor. There is a massive opportunity here in terms of really creating a commercial open source ecosystem in financial services, something that we have seen play out in so many other industries, becoming the open source alternative for a specific solution, for a specific use case in the industry. But regulators are another big piece of the puzzle. We'll talk about in this presentation later on about our open reg tech initiative. We think that in the constant battle between regulation and deregulation, open source can actually provide an anchor, can actually provide a common ground to make regulatory implementation, interpretation and enforcement way more efficient. Just put a pin on that, we'll talk a lot more about that later in the presentation. And finally, individual contributors. We are like any open source community ultimately made of individuals, whether you're working for any of those entities that previously mentioned, whether you are an individual contributor looking to grow your portfolio. This is a very sought after industry. This is a very undeniably wealthy industry that can definitely reward great talent and that it is in seek of talent. And so we think that there is a huge opportunity here for experienced open source contributors to join our community, become a mentor, become a leader, become a champion for this movement. And this is not just about cost savings and efficiency. We talked about it. As I said, there is a huge search for talent, but we think, again, it is not lost on us that we represent some of the largest financial institutions in the world. And so as you hopefully will learn today, after years of creating the community and getting to the momentum that we are experiencing right now, we know that we have the chance in the future to look sort of to solve higher order challenges, sustainability, financial inclusion, diversity, which is a huge problem in the industry as much as it is still in open source communities. And so we think this is a unique opportunity, whether you are, again, a financial institution, a fintech vendor or regulator or an individual open source contributor. So we talked about the why. The next step is how are we doing that? I'll be honest, five years ago when we were pitching open source collaboration to several of these institutions, we had pretty mild reactions, not to say that they were calling me a hippie. But we learned in open source communities that leading by example is the most powerful way of educating and teaching and really creating energy momentum around the vision. And so let me share with you a little bit what we think Venus does differently to have enabled this active open source collaboration in the industry. I'm not gonna go through this slide in detail, but this is a brief history of us. If you're not familiar, we used to be called the Symphony Software Foundation. We collaborated under that brand for a couple of years from 2015 to early 2018. But in 2017, when we also launched our, the first conference in financial services called the Open Source Strategy Forum, we realized that there was a much broader opportunity than collaborating just around the Symphony Software, Symphony being one of our members as well. We realized that again, the industry was ready for collaborating to have a home, a foundation that could help this industry collaborate in the open. And so that's where in 2018, we launched Venus and since then, we have seen major growth in the community, not only with financial institutions, but also tech vendor and open source vendor joining us and culminating this year with again, over 60% of our contributions coming from banks. And we'll quickly talk about it later. This has also culminated with Venus joining the Linux Foundation in the spirit of cross-pollinating our communities. We thought that there was a huge potential for us to join such a strong brand and a strong operations like the Linux Foundation. We are already seeing the benefits, including me being here and being able to share this with you. In fact, this quarter has been our busiest quarter ever. We have approved four new incubating projects, Glue from E-Pam, Morpher from Morgan Stanley, the Symphony Java Toolkit from Deutsche Bank and the aforementioned legend from Goldman Sachs. It's not only that, we continue promoting open source and keeping open source in the industry news. This is something that again, as a vertical financial services focus foundation remains very important for us. And of course, we continue offering several channels for our projects and for our message to continue going out. So it's been a really exciting 2020, despite being a very turbulent year. And certainly we think that the digital acceleration provided again as a silver lining, if you want, of this pandemic has certainly helped again, financial institutions being more and more comfortable with contributing in the open. But so back to the how, how do we do this? And if you join Venus, not just as a member, but also as a contributor, what can you expect in terms of help growing your project or helping your organization participate further to open source? There's really, I think, three pillars that I wanna touch with you. Our governance, transparent governance. Again, something relatively novel, said probably obvious for many of you as open source contributors, but pretty novel in an industry that again, has been very conservative and private in nature. Our open source readiness project and our open developer platform. These are really the three main enablers. When you think about the regulated industry collaborating in the open, there's some very specific challenges that we think Venus helped address and sold and make, again, these firms comfortable to collaborate in the open. First and foremost, our governance. Again, I'm not gonna spend too much time on this as you probably can see. It's a pretty common governance with a board, a governing board that oversees our open standard projects and open source projects. But again, the reason I'm calling it out is that we do everything transparently. I come from Apache as a education in open source, if you want. And so if it doesn't happen in the list, it didn't happen. So we make sure that all of our meetings and all of our decision making is publicly tracked. And that really provides, again, from an open source standpoint, the trust that is needed to develop such a community, but from a regulatory standpoint, I would like you to understand that this way we do provide a proven to be successful collaboration model that can stand that is actually regulatory compliant, that actually allows the folks, through our antitrust policy, through our conflict of interest policy to feel comfortable to talk with each other. I think that sometimes these issues are lost on individual contributors, especially when you're talking about the regulated industry. And together with transparency and decision making, we are big proponents of transparency in our metrics. So if you're interested, you can go to metrics.finness.org and check out who's contributing. Of course, this is not just for sort of accountability, but it's also for us to continue growing the community. And in fact, we have, I'm happy to report that in October, we've had the largest amount of comments and poor requests and generally activity in our community. So this is a very exciting time for us in the community. And if you go and check out our metrics, you'll find out that six out of six of the largest investment banks are actually actively contributing code. And again, this is, I think, pretty unprecedented if you look at even just two years ago. In addition to our governance, it was a very early realization for us that, even two or three years ago, several developers in financial institutions, someone sitting at JP Morgan, someone sitting at Morgan Stanley, someone sitting at, in their office is a Goldman Sachs, they might not even have access to some of the best of breed developer tools that we're all used to, whether that's Gita, the Atlassian Suite, even a single sign-on. There's an inherent complexity when you're trying to bring regulated developers to collaborate in the open that again, it creates an unnecessary friction. Our goal as a foundation is to make our developers successful in the most frictionless way. And so early in 2017, we developed this concept and this idea of the open developer platform, i.e. a end-to-end CI CD tooling that not only takes off the burden of sort of the setup and end-to-end up to sort of releasing to mainstream repositories of the developer and so provides other value, but also we did it with an ION, can these developers actually access the platform? Is it compliant? How can we help them to make sure they actually can commit ultimately to a public Gita with their own Gita by D, not only fostering the goals of their firm, but also their individual profile? And of course, as we joined the Linux Foundation, we're looking more and more to add tooling and advanced support for our developers. If you're interested, this is a community-led project, check out odp.finance.org. We'd love to have your thoughts. I know that this community has a lot of experience in managing the developer workflow of open source projects. And then last but not least, we are very proud about our open source readiness program. The first two years of our life have been focused on making sure that banks and financial institutions could move from consumption, make no mistake. Financial institutions have been consuming open source for the longest time, but to move to actually open source contribution. We do have a bi-weekly open source readiness meeting that has guest speakers, but also that brings together peers in the industry, whether they are legal, developers or even technical decision-makers. This group really created a momentum for many of these firms to have their open source contribution policy, having their technology tool chain ready and streamlined enough for developers to contribute from their own laptop, sorry, from their corporate laptop into an open source repository. Most of these firms have now a CLA with FinNOS, which again, in some cases took months, if not years to get signed, but once it's there, it provides a framework for the whole firm to again contribute at least in FinNOS as a trust identity, not only that, but we also provided, you know, business strategic level advocacy. So if you are in a financial institution and you're looking, you really would love to contribute to open source, you think it makes sense, we can help. Whether you're a member or just a contributor, we can, you know, work with you. It is part of our mission to help developers in financial situation being able to partake to open source communities. And that has allowed us, you know, to really, you know, address a couple of sort of archetypes of collaboration. You know, we talked about legend. That is your typical, if you want, maybe the most, the type of open sourcing that you're most accustomed to. It's a production piece of software. It is very high value components. It is originated from one firm. In this case, Goldman Sachs and FinNOS not only helps once that the project is open sourced to grow it, you know, there's, it doesn't just take throwing a project on GitHub, as you know, to make it successful, but also has helped Goldman Sachs as a Platinum member to get there to what we call contribution fitness and contribution readiness. But certainly the, you know, there is an existing internal proprietary project that gets open sourced. It's something that, you know, we see are seeing more and more in this industry. Completely other side of the spectrum, starting from the problem rather than the solution. Security reference is a huge problem in the industry. There is no standardized data there. Each of the firms has to spend huge amounts of money to cleanse the data. And so starting from a problem, we were able to put together an effort led by Nomura, but with participation from several other vendors, buy side firms to really go after the problem, whether that means creating an open standard or an open source component that can help mapping security reference. Again, I wanted to share that with you because we haven't reached a level of trust in our community that allow us to, you know, not only start from a piece of technology, but also start from an industry-wide problem and, you know, leverage the open way to go after it, to define solutions for it. And finally, last but not least, Morpher, open source, a very cool technology that was open sourced by Morgan Starley a couple of months ago. This was already an open source project, but as we said before, it doesn't just take throwing it on GitHub to make a project successful. And so Morgan Starley decided to contribute, Morpher, to Phoenix, you know, for a couple of reasons. Once we all know that, you know, when a software is under a foundation, you know, it typically sort of addresses some of the objections that both corporate and individual contributors have to contribute in a corporate GitHub organization. Even if it's open source, you know, when it's under a foundation, there's of course that element of collective ownership and transparent governance that encourages new contributors. And, you know, the second reason, as you learn a little bit later, is that we're working a lot with regulators. And, you know, Morpher has a huge potential to become the project that can be used to standardize business logic around regulatory, certain regulatory use cases. So again, just to give you an idea of why projects, why we think projects come into Phoenix and how we've helped this industry making inroads. Last but not least, as I mentioned, we joined the Linux Foundation earlier in the year and this has been an amazing experience for us so far. We're absolutely thankful of having, you know, a broader umbrella supporting us. And again, open source is about joining communities. It's not about fragmenting, you know, a community that is still relatively in essence. So we're very excited about it. And in terms of the how this helps, all of you, you know, we already have a strong presence in Europe and in the UK and personally Italian, even though I'm based in San Francisco. But we are looking to expand more and more globally. The financial technology and the financial ecosystem is global by definition. And so not only global expansion, but, you know, the massive training and certification infrastructure that DLF provide, you can expect more training and more certification from us next year. Events, not only today, but you'll hear it in a couple of weeks. We're organizing a flagship conference with the Linux Foundation and joining forces there, you know, and that massive experience has been a huge lift for us. And of course, finally improving upstream, you know, I'm very proud of what we were able to achieve in terms of having banks contribute to open source projects. And so bringing this to upstream communities and our sister foundations is certainly a huge target for us. First and foremost, as I mentioned, an example of how DLF and Venus are coming together is our open source strategy forum, which is going virtual in two weeks from now, a little over two weeks from now. It will be hosted on 12 and 13th of November. This is a great way for you to learn about the Venus community. And, you know, it's been an event that historically has created so much energy and so much momentum around our community that I hope you'll be able to join us. Finally, moving to the what? And I'm gonna be trying to leave some time there for us to chat. But, you know, if you think where does Venus operate? What kind of projects that are in there? Well, think about the financial services stack. It used to be a large proprietary stack with sort of open source sprinkled in there. Again, they'll let anyone fool you. Financial services has been using open source for the longest time. But if you break it down, then you realize that there is a whole section of sort of general purpose platform and infrastructure that typically is under the Linux Foundation. Think about Linux, Kubernetes, Node, and so many of these projects and there are sister foundation. But there is a huge amount of projects that are simply specific to financial service. And that's where we play. Couple of examples. We talked about legend. We're very excited about this project. Go check it out. It is an incubating stage. It's a data modeling language. It's used in production by Goldman Sachs. It really runs the whole data strategy at Goldman Sachs. So just fresh off the press open source last week, certainly an area where your engagement and your contribution could be useful for us and could be useful for you. Perspective, open source by JP Morgan a little over a year ago. It's now an active project of Venus since it has contributions and adoption from several firms. It is a data streaming visualization library built in WebAssembly. It is a very mature open source project. Again, used in production by several institutions. Make sure you check it out. As you can see, the sample of our project is pretty broad. Cloud service certification is another example. The whole industry is going through the cloud journey and regulated industries have specific constraints. And so this is a project that allows us actually to mutualize not only implementation of some of these controls when it comes to do cloud deployments but also the interpretation of those controls, which again, when you look at the regulatory world is a huge expense. So a data platform, a visualization framework, a policy controls framework. And finally, our most successful open standard, FDC3, the financial desktop collaboration and connectivity consortium has now reached is 1.1 version. It is a very mature standard that enables interoperability between traders and desktop applications. Make sure you check it out. Again, everyone is welcome to contribute and participate. So we'd love to hear from you. I'm not gonna go into every project but make sure that you check out the slides after the talk. I'm gonna leave a couple of minutes for questions. We have so many projects over 40 and several of them are around data. As you can imagine, a great place to start when you're collaborating on a changing an ecosystem is data. I quickly touched on that but it's something that I wanted to call out. We have launched our open REC Tech initiative whose goal is to really bring together regulators, financial institutions and position open source as the way that some of these very complex problems. I mean, if you think about data privacy, if you think about KYC or AML, if you think about even financial inclusion, these are huge problems at the crossroads of technology and policy. And candidly are problems that no regulator and no financial institution in isolation can solve. So we all know here in this community how open source has proven to be a great tool to solve not just technology problems but again, problems that go beyond anyone's scope in terms of being able to solve them in isolation. And so we have seen some really early successes with this initiative including partnerships, including a SIG special interest group that just got created. So make sure you check this out because we think this is a great opportunity not only to go after problems that are very high impact in this industry and beyond but also because we have more fair legend walls contributed by Deutsche Bank. We have concrete projects that actually could be served and could be used to solve some of these very compelling regulatory use cases. And finally, I mean, I think we all could use more transparency and open source as far as it's applied to regulation can bring a lot of transparency. So we hope you'll be interested enough to be engaged. I mentioned a cloud service certification I just wanted to bring it up again just to say that we think open source goes way beyond code. We think open source can be used to neutralize interpretation, implementation and ideally enforcement from the regulators. Imagine when the scenario in which there is one way to build infrastructure as code and spin up an infrastructure that is regulatory compliant when it comes to these institutions moving their workloads to cloud. And actually the tests are published in the open for public accountability. Well, that's the goal that our cloud service certification project has. And I think there's a huge room again for many experts like you to do so. So trying to go into a wrap here. How can you actually help? If you're interested, of course, check out our landscape. I posted a link to our good first dishes across our 40 plus projects. That's a great place to start. We have a community mailing list and a community GitHub repo where you can just subscribe, send your ideas or even raise new ideas for contributions as an issue in the GitHub repo. And finally, as I said, open source is way beyond code. We could and we'd love to hear from you in terms of helping us spreading the message by blogging on our platform, by helping us mentor an incubating project when it comes to this project being successful in the open. But before I wrap, I just wanted to say, why should you care? You know, I would love to have you collaborate with us, but why would you? Well, look, if you look at the road ahead, there is a major opportunity for a commercial ecosystem around open source Infintech. This is still very early days, and we've seen in so many other industries, you know, a commercial open source ecosystem can help fuel the development of our community. And so if you are in attack or FinTech startup, this is a huge opportunity for you. We're looking to go for higher order challenges, as I've said before in 2021. Now that we have this organic momentum and opportunity, we're gonna be looking at what can we do as a very influential community to solve some of these long-standing problems in the industry and beyond. You know, we're looking at open sourcing and making a project successful. Throwing open source code out there doesn't mean making it successful. So your help and your mentorship would be invaluable as open source experts for a community that is still relatively young. And then finally, again, just to wrap it, we are looking to collaborate beyond our core community, where it means geographically or with other initiatives of individual contributors that are new to the industry. This is a very exciting moment for us, and we hope you'll participate. And so just to wrap, why should you care? You know, you can help us accelerate the creation of a truly open financial ecosystem, which is not only gonna help this ecosystem, but it's gonna potentially impact, you know, have dominant effects way beyond technology and into people's lives. And of course, you can be a leader. You know, there is a first mover advantage here. So as I wrap two weeks from now, join our open source strategy forum. But before that, on Thursday, we have a three hours mini summit on Phinas with speakers from our key projects and members, as well as our CEO, Toscha Ellison and our director of community, James McCloud. So I hope at 1 p.m. center European time, on Thursday, you'll be able to join us for these three hours mini summits. And with that, I wanted to check with you if there are questions out there. There's one question that I can take, which is, is there any need for open source hardware within the finance industry? I think it's a really good question. We have been more focused on software over our sort of brief history, but we think that there certainly is opportunities for hardware. We, you know, are in actually conversations with several hardware vendors out there. I think, you know, for our footprint, for where we come from in investment banking, I think there certainly is, you know, very specific hardware that gets built for, you know, the trading departments and investment banking arms of these institutions. You know, if you ask me, there's always a huge opportunity to standardize, despite of, you know, optimized implementations to standardize APIs and primitives that would allow, again, to create an open ecosystem also on the hardware side. I, so long story short, I think, yes, there is a huge potential, but it certainly not has been our first, you know, focus over the next sort of quarter or so. And with that, I know I'm a couple of minutes over time. There are no more questions. I will, I want to thank you all for attending. And I hope you'll be able to join us on Thursday, again, at 1 p.m. CET for our mini summit. Thank you so much for your time. Have a good day.