Mr. Cyril Roux:

No it's not principles based, but it is ... I am a board member of the European Securities and Markets Authority and I can tell you that we are looking at incredibly detailed rules. That's the European way, it's very, very prescriptive and very detailed and very granular. It's just very different, we don't go through capital requirements, we go through rules about client assets and custodians and settlement systems and it's a different environment. But you're right, I think it's very good that you give me this opportunity to say well finance is not just banking and actually banking relies on this surrounding of markets and funds and other sorts of funding.