The back office, as we sometimes say.

Well, the back office, but also middle office.

I would say the operational infrastructure.

I think maybe some, like, it could have a negative connotation, but I think it's actually crucially important.

If the plumbing is not right, I think nothing works.

But I think markets are evolving, and we see this, I mean, you're from Ireland, right? So Ireland has, has taken the lead on, on certainly the, the hedge fund industry.

Luxembourg used to be dominating, uh, and again, correct me if, if you disagree, Serge, but used to, is, is the dominant factor in, in the, the general mut- mutual fund industry, and now has also kind of is, is starting to lead the way in, in terms of private markets, the private equity, uh, industry development, as well as more digital kind of tokenization of mutual funds and so forth by setting the right regulation.

Oh, yeah.