As channels like Stock Connect and QFE2 evolve and markets like India and Indonesia gradually open to the offshore lending, how is Vanguard positioning its program to capture these new revenue pools? And what regulatory or operational barriers keep you up at night?

Yeah, so we're very interested in accessing new channels and market openings, but we approach them in a measured way.

The way we position it is by making sure we have the right foundations, both legal, tax, regulatory expertise that's in-house.

We make sure we have strong counterparty standards and operation controls that can scale as the rules evolve.

We don't chase revenue markets where we can't lend with the same conservative risk posture.

We run elsewhere.

And what keeps me up at night is less the opportunity set and more the regulatory change and the operational complexity that comes with some of these markets that are considered emerging markets.

For a large beneficial owner's perspective, How has technology changed the way Vanguard's lending desk evaluates intrinsic risk or intrinsic value, negotiates spreads, and even selects agent lenders?