 Good morning, everyone. Thank you for joining us for this presentation. I think you have a high quality panel that will be shared by Mark Bale, and I don't want to stand in the way of such interesting discussions. I just want to do some introductory remarks. And trying to avoid any loss of time through hyperbolic rhetorics, I will try to make you a very structured presentation of a piece of paper that was submitted to the ECB decision-making organs a couple of weeks ago, which has been adopted by the highest decision-making body, the Governing Council of the ECB. And this is still a high-level paper, and the ECB has basically mandated its committees to deep down, to drill down, according to the lines that have been approved. Now there are, I would say, two main axes according to which we see this medium-term strategy. The first axis would be the reaping of benefits from proximity between target two and target two securities. And I would say there is a second axis that I would call to comply with technological advance and also to try to meet new business needs. When I come back to the first point, the synergies between the two existing platforms, you know that target two is basically a technological animal from the late 90s, if I can call it that way, while the target two securities in that respect is a little bit more state-of-the-art taking on the technological advance that has taken place over the beginning, the first decade of the century, because it was initiated about 24, 25, and it was built up over the coming years. Now these platforms were evidently also built up according to the prevailing political consensus at the time, and also they were built up on assumptions, technical assumptions concerning volume that have not always been met with reality. Let me only mention that obviously, for example, the question of volume going over target has been affected by the establishment of target two securities where some of the volume that would have gone through target would now go through target two securities. We have also seen that in the area of retail payments we have had through the SIPA migration also a loss of volume that was initially rooted and directed to target two. The same goes in the future, we expect that if we will have in Europe a European system for instant payments, obviously that will also affect the amount of volume that will go through target. But that is something that is only normal. What we try to do is to remain cost conscious and despite the decline of volume we have also seen an expansion in the geographical scope for which the platforms are available. And I think the potential for geographical expansion is especially large for T2S platform insofar that it is also a multi-currency platform. Now when I speak about synergies I would say we will have obviously technological features where you could have synergies, technological features between target two which is the older system and target two securities where obviously you would have some duplication and the technological features could be brought together. But you also would have some functional features where you could read some synergies. And I think the committees have been tasked to come forward with concrete proposals as well as a concrete timetable over which these synergies both of technological origin and of functional origin would be able to be put into place. Then a second area where we obviously would see some synergies possible is that target two would be benefiting from state of the art approaches that have been offered in target two securities. This one obvious example, target two securities is running on the standard of ISO 2022, target two is not yet. We had taken the decision and we stand by that decision that target two will also move up to that standard. But rather as having it as a separated single decision and then implementing a strategy afterwards which would again imply some change management we decided to merge both and it will only be at the beginning of next year when we will publish the new timeline when target two will move to 2022. This is also in order to avoid costly intermediate stages for the banking industry. And then finally I think if one speaks about synergies there is also at a certain line of benefits the reflection about new services or new service opportunities. And in this respect what comes first to mind is that it would make sense that if you enter the ECB market infrastructure you would have a single point of entry whether you would like to go to target two or whether you would like to go to target two securities. I think that is then the third line of reflection where we ask the committees to come up with concrete proposals to see whether such a single point of entry would make sense what would be the business case for such an approach. This is the first work screen synergies. The second one is the second driver of our strategy is to comply with new technologies. And there I think it is also it lies on hand that with the infrastructure that we have attained we could also become much more service oriented in the area in several areas for example increasing cyber resilience that could be done as well in a better way through those infrastructures. Another way is to meet the increasing burden regulatory reporting burden that is faced by the industry and we are already right now trying to analyze how we can extract and mine data that are available on target two securities shifted back to the customer to our users in order to ease their reporting what should I call it burden as a regulator or their reporting requirements. Let's put it politely that way. Then I think especially these regulatory requirements are heavy in the area of anti money laundering in the area of counter terrorism financing. I think we could be of help in these areas and from that point of view I think these infrastructures could and should be service oriented. A third element where I will dwell a little bit longer on in the moment that is optimizing also collateral management. I think we have to try to save collateral to use it in the most efficient way and there are two ways of harmonization standardization in the area. I would say we should definitely support cross-border tripod the services. That is one direction in which we could go another direction which is on the reflection is to look have a look again at the repatriation requirement that is in place right now and whether this would still be warranted in the future. But it is not only about liquidity saving as such it is also giving it a harder look whether we would really be having optimal governance by having 19 different countries having different collateral management systems and then try to bring them together. Would it not be more efficient to have a single European collateral management system? We are totally aware of the obstacles that are still in place of different natures legal or withholding tax and so on. But I think we should give it a hard look to see again whether a business case is there to see what are the prerequisites to go into that direction because if we go into the direction without having achieved a priori a certain stage of level playing field or harmonization and standardization obviously we would be again meeting a roadblock as we have seen in the recent past. Then I would say under the heading of new business needs obviously there is one area also in the retail payment system that is instant payment. And there too I think the ERPB has requested DPC to come forward with a design of instant payment scheme that is based on the SEPA credit transfer and we also ask to give us their views on the requirements for clearing instant payments. We hope that by the next meeting of the ERPB end of November we will be able to make progress in this respect. But the euro system in any case will also be more closely involved probably in this area through the layered approach that we recommended layered approach being differentiated between the scheme at the top the clearing scheme at the clearing layer in the middle and then the settlement layer as a base. And obviously the committees have been tasked to deliver a proof of concept also by the second quarter of next year for the settlement of instant payments in T2. Should the market however not succeed in delivering a competitive and open clearing landscape for instant payments I think the euro system is quite open and stands ready also to be a little bit more force coming in this area in addition to the settlement services but our preference for the moment would be to let the private sector come forward with solutions. I would say to close that this is a very clear agenda according to through access to access that I delineated it is a certain amount of ideas and tasks which are no nonsense hand on tasks and where we intend to follow up with concrete work in the months ahead and I think it is now up to the panel to tell us whether they agree on the different work streams that are suggested. Thanks a lot for coming again. Thank you.