 Thank you very much. So we get down now to the hard matter to the actual recommendations that have been made by the working group on risk-free rates so far, so it will become more technical, much more technical than so far. We're very happy here to have the chairs or co-chairs of various of the subgroups of the working group and let me introduce them one by one. So here on my left we have Anna Koshevnikova. Anna is head of the group Chief Investment Officer of his EdGenerale and she is one of the sub-chairs of the subgroup on cash products and derivatives. Then to her left we have Christian Gau, Director Treasury at Deutsche Bank, so he's the co-chair of that same working group. Then on his left we have Markus Schmidtchen, head of Treasury of KFW and he is in charge of the subgroup on financial accounting and risk management. And then last but not least Cheka Pardo from BBVA and Global Economics and Public Affairs Department and he is chairing the subgroup on contractual robustness. So thanks very much for being here today. So let's get straight into the topics. Christian, maybe we can start with you and yeah, you could give again an overview of the timeline. Of the transition from the Ionia to the Euro short-term rate and then tell us a bit what it means for the various product types. Yes, okay. So I think we have the timeline now. Is that a microphone? Yes. We have the timelines now already in the previous speeches to some extent. So let's have a look at at a picture which shows you actually what is going to happen when and also include some of the recommendations that we have been making already in there. So basically you can look at this in two steps. So on the 2nd of October. So what happens is that the publication time of the Ionia will change from same day, so same day end of day as we all know to the next morning 9 o'clock. So and that publication time is obviously triggered by the implementation or the go life of Euro-STR. Euro-STR will therefore be published for the first time in the morning of the 2nd of October. And in sync, Ionia, and you heard that before, will be recalibrated in a way that it equals Euro-STR plus 8.5 basis points. So that is that step. That step is basically kind of the initiation of the process. And then you already heard that Ionia will cease to be published on the 3rd of January 2002. So end of end of 2021. We will have a transition time exactly in between that. So that transition time is obviously what we are going to be looking at in more detail in a few minutes. But what you can see on the graph, and that's important to note which I will pick up on in a few minutes, is already a recommendation when we believe the so-called discounting switch date, which is basically kind of the date on which we would like to change the use of or we would like to change, which we recommend to change the use of Ionia as the discounting measure for the valuation of derivatives contracts. And basically we recommend to use that timeframe, which is basically the second quarter of 2020, to make that change. And I will explain in a few seconds why we believe that that recommendation is important to recognize. So on the next page, oh, I think wrong direction here. So this one is right. So let's have a look at a few of the implications. The implications of that change is maybe some of the implications that people were worried of, that will not come to us. It will not affect the publication of Ionia via the usual distribution channels. So all the places in Reuters and other market data vendors where you find Ionia today, they will continue to exist and Ionia will be published via these channels. Obviously in a recalibrated way, as I said before, therefore all the unique identifiers, which you know, which you have incorporated in the systems, they all stay the same. Also in terms of the time series, obviously no change as well. The only thing you have that tends to be incorporated by I think all market participants is of course that the publishing date does not match anymore with the date that Ionia is actually applicable to. So therefore there is a T2T plus one gap in there and that needs to be incorporated into any buildup of histories. Market participants are also requested to align their processes with that publication date, of course, which is important as it influences settlement procedures. It influences the calculation of compensation for clients on certain contracts so all of that needs to be brought in line with the publication time, of course. Especially the settlement procedures needs to be taken into consideration. We have made a recommendation in the report that in order to make it applicable to kind of a large area or a large range of different market participants from different areas of this world, especially from the Asian area, it might be recommendable to also to have a change from T plus one settlement, which is on the next day after the fixing to T plus two. That is currently being discussed I would like to add. And it depends very much actually on the processes applicable in the individual market, I should say. So therefore please review that carefully and please review that mainly, especially together with your clients. On the next page what we are now looking at is one the market segment, the derivatives market segment. So how to what extent does the union now impact the derivatives market? And the first thing that we need to talk about is the so-called floating rate option. It's a term that is being used in ISTA contracts. It basically describes the rate that is applied to the individual derivatives contracts for the underlying rate that is agreed upon. And what is important there to take a look at is how can you transition from that to Euro-STR. And the two approaches which we came up with in the working group is basically the so-called fallback approach. So you define a fallback for your union for your current union contracts and rely on that fallback from the very point in time on union ceases to be published. The second alternative is and that's what we actually recommend to use is an active transition. So you take a look at your portfolios of union-related contracts and you actively transition them by renegotiating the floating rate. And therefore also obviously agreeing with your market or with your clients respective your counterparties as to the compensation from changing from a union to Euro-STR. Then the next part or the next segment of topics that we typically look at in terms of derivatives is the collateral remuneration. It's and that's let's keep in mind the impact of a union to the derivatives market is not so much about the union contracts themselves, it is more about the use of a union as the compensation rate or the price alignment rate I should say for price alignment interest for the CSA contracts, for therefore the collateralization of the individual derivatives contracts. So and that and that rate and that impact is I think the more important one. So therefore you need to you need to transition from the current use of a union for the construction of discounting curves. You need to find a transition path for the current use of the compensation rate. So on the discounting, the working group has always been recommending to go for clean discounting. So clean discounting means no different no different indices used for one set of for ACSA set. So that means for an agreement that you have with either your central your your your CCP, so your central counterparty platform and off with your client. So we recommend to basically keep an individual CSA set clean in terms of the use of the discounting approach. So that's kind of our recommendation there. So for the compensation, we recommend that your STR is to the extent possible always. Let's keep that in mind here. So we keep the your STR flat as a recommendation and we're using and we recommend cash payments to be made in order to accommodate for the economic value difference. That is a very simple method and that is chosen for for a good reason because we believe that all other alternative methods that we were discussing are more complex to implement. And therefore that should be the preferred choice. Alternatively, if not possible, we basically recommend to do it in two steps. First, transition to your STR plus eight point five. And then at a later point in time, once you can do the final step without frictions, go to your STR flat then. But again, recommendation is to use your STR right from the start as far as possible. Scouting switch date. We mentioned that already. That is basically the date on which the use of your STR should be used to create discounting curves for the evaluation or the valuation of derivatives contracts. And we recommend so we recommend is a big bang approach for the CCP's as far as possible. So obviously that is subject to execution now and it is currently being discussed and being one of the important topics we discussed in the working group. So therefore, let's say as far as possible. And then because we believe everything else would be too much of a coordination effort and actually not executable, we recommend that the bilateral market would then follow in a phased approach. So that the CCP's would kick it off and the bilateral market would take it from there. So also, please keep in mind to avoid the use of so-called dual-strap curves in projection and discounting. That is really important because that could lead to all sorts of valuation questions when you determine the corresponding value together with your clients and agree the corresponding payments. One final remark on derivatives is that for for valuation of options on derivatives with physical settlement, keep in mind that after the discounting switch date, now the option basically refers to a euro STR discounted derivative. So that might be triggering a revaluation and compensation in itself. So keep that in mind. That is the side effect which you need to keep in mind when dealing with portfolios like that. So I pass on to Anna for the second part of our presentation. Thank you, Christian. So what about cash products impacted by this reform? The mandate of our subgroup was to analyze product by product and from valuation operational standpoint, how actually the market or what kind of recommendations we could provide market participants with in order to transition from EONIA to euro STR in a smoothed way. First of all, we analyzed what kind of products we've seen the cash universe actually exposed to EONIA and will be exposed to this reform. So of course, I mean, we found out that we have securities or commercial papers in Europe referencing EONIA. Of course, investment funds because investment funds like, for example, money market funds, investing money market instruments and also in derivatives and of course, loans, bilateral loans or for example, swing line loans and also cash accounts or cash deposits. So the universe of these cash products is quite wide. And what I would like to highlight is that compared to derivatives, cash products have very often different infrastructures, different systems, IT systems, different legal frameworks. So it's actually the transition could require more efforts for cash products compared to derivatives. And this is something that should be taken into account by the market. Apart from the operational complications, what Christian was mentioning before, actually is a change, is a publication date because these impacts all settlement procedures that we have also for cash products. We also found out that there are other aspects that should be managed especially in the transition phase that we are going to manage and to handle in the next month. Of course, first of all, regarding securities, we strongly suggested not to issue new securities referencing EONIA. So we strongly suggest to start issuing new securities indexed Euro-STR rate, so the new rate. Of course, it means that also infrastructure systems and IT systems should be able to manage this. So should be able to trade, to buy, to issue, and also accounting systems should be ready to handle these new securities. Regarding the investment funds, as I was mentioning, investment funds are largely exposed to this reform. First of all, we need to remember about the net asset value calculation. So it's going to be impacted, especially by the change in the publication data. So again, the move from T to T plus one. And then, of course, the market also should consider the legal aspects. So as we know, in some funds, we have EONIA as a benchmark, used as a benchmark, or as a hurdle rate to calculate the performance fee. So this is something that, again, should be analyzed and should be managed in the next month in order to transition from EONIA to the new rate Euro-STR. Regarding, again, in general, what I would like to highlight is that many cash products are retail products. And the communication aspects are very, very relevant in this case. So education of your clients, communication towards your clients is really important, especially for this part of the market. Just the last remark regarding the loans, that especially in this case we're talking bilateral loans, or there could be infra-group loans, or syndicated loans, so swing-line loans, especially exposed to EONIA. In this case, we also would like to highlight the working group that any compensation mechanism should be analyzed between the counterparties in order to, again, to manage the transition from EONIA to the new Euro-STR rate. Another aspect that we needed to work on within our subgroup was to analyze evaluation aspects. So how this reform is going to impact our evaluation systems and valuation models in particular. And here we are talking about the models. So what kind of models are exposed to this reform or are going to be affected by this reform? And, of course, again, when we looked at the universe of the models, we can mention interest rate of construction models, also term structure models, or discounting cash flow models. So the universe is quite wide, and what is important to highlight is that, of course, the structure of the models is not going to be impacted itself. But what is important to consider is, of course, input data, parameters, and especially discounting curves. So the discounting curves is something that should be managed very carefully. In general, what we also recommend as a working group, and especially subgroup five, is to design a transition plan for the models affected by this reform, because it's not only depends on the 2nd of October of this year, so actually the date of publication of the new rate, but it's also depends on how the market is going to evolve in the next months, in the next years, and when, actually, in this case, we will be able to build up, for example, the discounting, new discounting curve to be used in these models, and when actually these models should use these curves in the internal systems and internal processes. So this is something that should be planned. Regarding the discounting curve itself, of course, the first question was, how a new discounting curve based on the new rate can be constructed? After a lot of discussion, actually our suggestion was to use this fixed spread, 8.5 basis points in order to be able to build up the new curve. So it means that already starting from the 2nd of October, you can build a new curve based on the Ionia curve. Of course, it doesn't mean that this curve will exist for the next years and for, even during the transition period, because, of course, the market, especially the new euro-star market is going to evolve, to develop in the next months, and it means that it's important to observe that market, to understand when the market gets more liquidity and when, actually, it will be possible to move from this euro-star or Ionia-based euro-star curve to a real euro-star curve, so based on liquid build-up, based on liquid instruments and reliable, reliable data. So this is something that, of course, should be monitored, should be planned for the next months. Another aspect that I would like to highlight here, and it also was stressed by the working group, is that, I mean, it may happen that during the transition period, we will need to manage different curves. So Ionia curve, euro-star curve based on Ionia minus 8.5 beeps, and then also monitor situation and to start building a new euro-star curve. So basically it means that at certain point of time, we need to consider that we will be somehow constrained to manage four different curves. Of course, this could put additional requirements to our systems, to our infrastructure, infrastructures, to our processes and procedures. Another point I would like to highlight is that if we talk about the Ionia discounting curve, is also, the change in the curve is going to impact arrive or pass-off rate curves. And another aspect to be considered that, especially we need to be careful about non-linear derivatives because the switching of the PI rate from Ionia flat to the euro-star flat is going to impact that. So this is something that should be analyzed carefully. So that's all about the models. Just the last word, in August, in particular, on the 19th of August of this year, we published sub-group 5 and the ECB published the report on how to manage or what could be the best way to manage a transition from union to euro-star for derivatives and cash products. So we strongly invite you to read that report and because there are a lot of aspects not discussed today, but covered in the report and a lot of details that you can find probably useful for you. So we invite you to consult. Thanks very much, Anna and Christian. So that's a lot of material to digest already, I think. So please also refer to these documents and we will, of course, also make online the presentations of today. As I see some of you taking pictures, I suppose, already in the course of the day. So you can refer to that. And I also want to say that at the end of this panel, we will have the possibility for you to ask questions. So please already think a bit ahead whether there are any details you would like to ask the panelists about. Yeah, with that I hand over to the next speaker, Marco Schmidtian, chair of the sub-group on risk and accounting issues and he will enlighten us with the work and recommendations of his group. Yeah, thank you very much, Cornelia, but I would like to start with a question. So what's the name of the new animal? So we started with Esther, and then I thought the official name is EuroSTR and today I heard that's E-STR, so who's right? It's EuroShort-term rate. Okay, but that's a bit too long. You can say EuroSTR. Okay, so I'm more used to EuroSTR, so I use the same name as the second Steven did, so I hope that's okay with you. All right, so yeah, first of all, I wanted to say that, I mean, there was a kind of overlap between the sub-group five and the sub-group six, so and we have already heard it because you had a look into models, valuations, compensation payments as well, but your focus was much more on the product-specific level and within the sub-group six, so the sub-group I'm presenting, accounting risk management, we tried to stay more on a macro level, on a generic level, especially to give advice to institutions that are not, let's say, on the forefront of the transition to make them aware of what's going on and what functions need to be considered when setting up a benchmark transition program. And the speakers already mentioned, so the complicated issue is that when we talk about the transition from a union to EuroSTR is not only the transition of a floating rate option, so the overnight rate is heavily used also in the derivative space, price alignment interest, we spoke about it, but it's also highly relevant for the valuation, for risk management purposes, pricing purposes, but also financial accounting purposes, of course, and that's also the reason why, yeah, it's not only about new products, it's also about how to adapt the system infrastructure, risk management systems, but also accounting systems and so on, and therefore I would like to emphasize what Steven, the second, has said. Don't underestimate this transition, if you haven't started yet, it's really time to do so. And on the first slide here, we have put some risk types that might be affected depending on the individual exposure of a financial institution or of a corporate to the overnight rate, and we see that it is nearly the whole risk landscape that might be affected, so there are, of course, the obvious financial risks that are going to change, valuation risks. We spoke about the adaption of valuation systems, of various valuation systems, we might see changes in market risk metrics and in the valued risk calculations, dressed bar calculation, for example, or interest rate sensitivities depending on the institution-specific setup, and then we also have so-called second-order financial risks, counterparty credit risk, liquidity risks that might be affected, especially in the space also of derivatives depending if you have many uncollateralized derivatives contracts outstanding or also collateralized, but also non-financial risks are affected. We started to speak about it and we will hear from Checker about it, about the legal risk, for example. If you have got the financial contracts outstanding with the maturity exceeding end of 2021 and that are based on Aeonia, then I mean you have to start to reignitiate it and to transfer these contracts within the next two years to a new rate. Then we have technical risk factors, process disruption risk, IT risk, model risk that are in close connection to the adaption of IT systems, and then we have, of course, also kind of reputational risk if something is going wrong in this very, very important transition period and it might be possible that it creates negative headlines. Another aspect here heavily debated in the financial industry is also client communication. I mean, how should you communicate this transition to your clients? I mean, of course, it depends quite a lot on what's your concrete business here is, but this is potentially, of course, also a source of reputational risk if the clients don't feel that they get enough informations. Within the transition, a very, very important aspect is, of course, the adaption of IT systems and with this slide, I just want to highlight generally, or for at least quite a lot of financial institutions, a whole set of IT systems is impacted and knowing that the adaption of IT systems is very, very time consuming, that if you haven't start to adapt the systems or if you even haven't set up what you want to achieve and how you're exposed to the overnight rate, then it's really here time and it usually starts with the market data that needs to be feed in a market database. Based on this data, lots of applications are running, trading and booking system, pricing, valuation, engines, and these values are then also used for other applications such as collateral management for accounting purposes and so on, and at the end of this value chain, there's, of course, the generation of the financial reporting or the risk metrics, risk management, so have a look here on the adaption of the IT systems. It is usually the most time consuming part in the transition process. And that were already some key messages with regards to the risk management aspect, so not the main part because of the lack of the time, but we are going to publish a report. I expect the report to be ready within the next one or two weeks and you will find plenty of more recommendations, but, as I said, due to the time limit, I will leave it here on this information level. So then I would like to continue with potential impacts on financial accounting and, again, also this is highly instituted specific and it depends on how you have set up your financial accounting. But many, for many institutions, the overnight rate is highly relevant due to its crucial role for valuations, especially if banks are operating, for example, in the multi-curve environment, the base curve is the Ionia and if the Ionia ceases to exist and you have to implement EuroSDR, then it might certainly have an impact on the financial accounting and we have analyzed especially three channels through which the impact might come from when I start from the right side, so IRS 19, IRS 36 and so on. These are standards where these contrates play a pivotal role for the valuation of financial assets and financial liabilities, for example, the calculation of employee benefits and payment of assets provisions and so on. If their present value creation depends on the overnight rate and the overnight rate switches, you will see an impact here. In the middle, you will find the IFRS 13, which might also be relevant and IFRS 13 defines requirements for measuring financial assets and liabilities at fair value through profit and loss and there's a hierarchy, how you have to derive your fair value. For very, very liquid instruments, you take market prices, so that's the highest liquidity level for less liquid assets. You take market-based prices, so you got some observable information in a relatively liquid market and if there's a big lack of liquidity, then you make model prices, so the derivation here highly depends on the liquidity of the financial instrument. It is fair to assume that if we speak about Ionia instruments, that we will see over the transition period a decreasing liquidity, so that it might lead to a situation in which you have to change your level and that might have, of course, also an impact on the value and then if there's a value differential, you have to recognize it in the profit and loss. And the most prominent impact might come out of IFRS 9 and IFRS 39, that these are the well-known hedge accounting standards and they are heavily debated in the financial industry. Why? Because if hedge accounting relationships discontinue that might impact the profit or loss, quite a lot, would create volatility with many negative side effects, so which is something not really useful to support the successful transition. And the problem is that an interest rate transition might impact these standards quite a lot, so there are questions like, is a switch from Ionia to EuroSDR, substantial modification contracts or not, so this is something that needs to be answered. There are questions about hedge effectivity. Is the effectivity decreasing of a hedge? How likely are the probability of the future cash flows and so on? So many, many open questions and that's also the reason why we as a working group but also many other working groups in the financial space has approached the accounting standard board to request for some reliefs and the general guidance here should be in our view that the discontinuation of hedging relationships should be avoided as long as this discontinuation is solely caused by a transition from one rate to another because it wouldn't impact actually the risk management strategy or it wouldn't reflect the change in the risk management strategy of a bank. And the good news is, and that's my last slide, that the IASB here is acting. It's pretty good so that they set up a program how to deal with the IBO reforms, not only here the Ionia EuroSDR reform but also other IBO reforms that are ongoing and it is expected that they are amending the IRS 39 and IRF S9 in two phases and the two phase approach and that they are providing reliefs to hedge accounting requirements which would of course be in favor of the market and be very, very helpful. So that's what I went with regards to the accounting section. We have already sent a letter to the IASB, I mentioned it, it's on the ECB website. We are currently in the state of preparing so finalizing the risk management report and I expect the report on financial accounting to be ready end of October. Thanks very much, Marc. And then we go right to the contractual robustness working group and let's check out what we're doing. Thank you, thank you Cornelia. Today it has been pointed out in many occasions that Ionia will modify its methodology in this week but more important Ionia will be discontinued in December 2021. To this end, the working group publish in July this year the Ionia to USTR legal action plan with the objective of proposing a set of recommendations to ensure a smooth legal transition from Ionia to USTR. There are three main recommendations. The first one is was pointed out there before. The working group recommends our market participants to start using USTR as soon as possible as soon as operational feasible. The second one in those cases where new contracts are still referencing Ionia and maturing beyond December 2021 or fall under the scope of the BMR where market participants need to include fallback provisions in these contracts and for legacy contracts in particular those legacy contracts maturing beyond December 2021 market participants should consider two options either replace Ionia or introduce fallback provisions in legacy contracts. To this end, the working group officially recommends USTR plus 8.5 basic points as at the Ionia fallback rate for all pros and purposes. These recommendations are more or less clear. Here the main challenge is how to introduce our fallback in contrast or how to amend the legacy portfolio. I will briefly outline these recommendations by asset classes. For derivative transactions the ISDA benchmark supplement and the ISDA benchmark supplement protocol provide a convenient way for all market participants to introduce fallback provisions in new contracts and to amend the legacy derivative transactions. In addition, last Friday ISDA announced the introduction of a specific Ionia fallback provisions in their ISDA definitions which I think it would help all market participants to enhance transparency and legal certainty about how will be the transition from Ionia to ISDA for derivative transactions. But ISDA is not the unique master agreement used in Europe. We have also the Spanish master agreement, the French master agreement, the German master agreement. So in this sense, the working group recommends the sponsors of these master agreements to amend their agreements to introduce fallback provisions and therefore, and then all market participants to use these master agreements. But the working group not only provides some recommendations to market participants, they are also for public authorities and in particular, I would like to highlight one recommendation in order to clarify that the amending legacy transactions does not entail margin or clearing obligations under the emitter regulation. If with this clarification would help all market participants to start thinking on how to transition. This is in relation to the relative transactions. Thinking on collateral agreements. Collateral agreements deserve a particular attention. There are three main facts that need to take into account thinking in the transition from Ionia to USDR. The first one is collateral agreements do not generally have a termination date. They are not under the scope of the BMR and they do not usually have fallback provisions. After several discussions in the legal subgroup and with the working group, the working group agrees that the introduction of fallback provisions in new collateral agreements would help enhance transparency and legal certainty open the cessation of Ionia in December 2021. To this end, the working group asks the market association, the sporser of collateral agreements, of standardized collateral agreements to develop solutions to include fallbacks in new collateral agreements and to identify options to modify the legacy portfolio. Then if we move on to cash products and when I mentioned cash products referencing Ionia are mainly certificates of deposits, commercial paper, reposts. So all of these, the majority of cash contracts referencing Ionia has short dated maturities. So probably most of them will roll over before December 2021. So I come back to the first recommendation at the beginning. They all market participants who start using Eurostia as soon as possible. But in those cases where cash products are still using Ionia and material beyond December 2021, we need to remind that for syndicate loans, the loan market association provides a standard market documentation with robust fallback provisions that market participation may wish to apply and also the working group publish two alternative fallback templates that market participants may wish to apply in their new cash contracts. I'm moving to the legacy portfolio of cash products. We need to remind that the use of ISDA style protocol to amend legacy portfolio is neither a market standard nor feasible for cash products. To this end, if there is any legacy cash product material beyond December 2021, its amendment or cancellation should be done through a bilateral renegotiation. To this end, the working group also publish an amendment agreement template that market participants may wish to use on a voluntary basis, of course, in their initial discussions with their parties to modify the amendment agreements. Just to finalize, all of these, I briefly outlined the legal action plan published in July. On the ECB website, you also may find the consultation paper published in May. The feedback received from more than 60 individual responses from all market participants and the final recommendations. Overall, there are more than 130 pages analyzing the legal implications of the transition from Neonia to Eurostar. Try to be quickly. Thanks very much. So again, a lot of information that we have here from you. So you see that the move from one benchmark to the other, even though we are talking of an overnight, unsecured, to another overnight, unsecured benchmark, it's still quite complex. And there are many different aspects that have to be taken into account. Now, the choice of the working group and then Amy to change the methodology of Eonia to become a tracker of the Eurostar rate probably helped in the transition. But as you outlined before, it still remains a very complex task. So you should all have started the preparations for the transition, obviously. But I hope that you are all on track. But if not, maybe before we open the floor to questions from your side, I can ask one question. So next week, we will have the Eurostar rate. One obvious implication for everybody is that the timing of publication of Eonia changes to the next morning. But what is in you the first steps that those who haven't prepared anything yet, the first step that people should take? Do you have any recommendation on that? And meanwhile, please think of questions. I mean, there's not much time left, so to say. So in this special case, I don't really know what other options are than taking the Eonia that is published at this specific date. And I mean, I know that this topic, TET plus 1, is heavily debated in the financial industry. But my perception is here also that the answer to the question is very, very difficult because it depends quite a lot about what function you're talking, pricing function, for example. A risk management function, also accounting. Then it might also be product specific. I mean, there's also an ongoing debate between, as far as I know, also clearing houses, what the right approach is. And it depends on so many questions that my perception is that there hasn't established a market standard so far. And I'm aware of that there are, of course, institutions out there that are taking the Eonia that is published on the relevant side. So this is a rather pragmatic approach. But I mean, this transition can only be a success if we are all pragmatic, in a sense, and not dogmatic. I spoke about the adaption of hedge accounting standards. For example, there are also the IRSBs quite pragmatic and supportive. And we have many fields and complex questions that are in conjunction with the division of discount curves, for example, or also the application of historical data, which is a big problem if you take a dogmatic approach. So that's why I would recommend in such a situation, I mean, take the Eonia that is published on the current date, on the specific website. Yes. A good, I guess, more high-level message in this sense, because the first one is to realize that Eonia, the discontinuation of Eonia is not a possibility. It's a fact. So you need to realize, and also to explain in your institution, in all levels of your institution, that the Eonia will no longer be operational since from 2021. And you have to explain this to all your institution. And then the second part is to carry out an stock taken in which systems are you using Eonia, which are your contracts, which contract you have and which of them mature beyond December 2021, because those are the critical ones that you need to manage in the next two years. And start preparing to use USTR, because you need to adapt your systems, you need to develop new contractual agreements, you need to develop an evaluation. So even if the USTR will be published next week, if you are not internally prepared, your compliance team approves all the new processes, you cannot use it. I would definitely also really align myself to my operations department, so kind of all those departments dealing with the execution of the settlements of all those payments being related to all the contracts related to Eonia, and have them and clarify what needs to change in terms of when is the Eonia available, so after the change in the publication date, and can they process it, and have they enabled themselves to use that information which will not come in later to process all the payments afterwards. I think that's kind of the immediate effect this has on any of those contracts. So of course, that should have been dealt with already some time ago, so I understand that a few days left might not be kind of changed a lot there. But anyway, that is immediately what comes immediately across my mind. So ensure that you are actually able to execute still, and that you are able to record the incoming information as to the benchmark applied to the correct day, actually. And also what we didn't really talk about a lot here today, but this is now part of regulatory reporting, so kind of MMSR is now feeding Esther, so from that, this is the concept, basically, which we are applying there. So therefore, all the banks being subject to MMSR, they become a deemed submitter. So they should keep that in mind as well, because I remember that there was one or the other question that came up. So therefore, by definition, they are submitted. So therefore, that should also be kept in mind. Thanks, Christian. Just one word from my side. What is important, I would like to highlight, is that it's not just limited to the 2nd of October, the transition. So it's really important to actually understand how you're going to be impacted on the 2nd of October, and what actually Christian was saying before, especially regarding the settlement process. But the transition is not limited only to that date, because there are a lot of activities, legal side or risk management side, accounting side, but even on the settlement itself, that should be performed over the next months, so actually in the next two years. And the bulk of the activities is really important, and some of them, some of those changes are really challenging for all market participants. Thanks a lot. So now.