Perhaps you can cover that off for a little while.

Yes, thank you very much, James, and delighted to be here.

Thank you very much for having me this morning.

Yes, so SIU is top of mind from our perspective in Europe.

The Savings and Investment Union project is a must.

There is, I think Marianne Barbalagliani said it very well this morning, that there is...

there is a necessity for Europe to be able to unlock the potential of its capital markets to make sure that the firms, businesses can actually scale across a single market and also that investors can have more opportunities to invest.

Where would you see the sort of the biggest opportunities are for simplification in the ESMA agenda, I suppose?