Hi everyone. Today we're going to talk about some some features of modern TCA which BestX are moving towards. As you see, here, I've listed three bullet points that actually summarise our presentation today. The first point is multi-asset. The trend is actually to expand TCA from a mature market, like equity and FX, into less automated markets, like cryptos, and fixed-income commodities. It is a trend on space, or coverage. The second item is data warehouse; it's more like a business model innovation. The third is the TCA value evolution and the trend is to change it from regulator tick box to an essential tool of daily trading. Because of these directions BESTX are moving forward. We have not seen a saturated market. We still maintain a 26 per cent client AUM increase, year to today. If we look at the TCA expansion to multi-asset, this is very similar to the automation trend in the financial industry. The automation propagates from matured equity and FX into fixed income, commodities. TCA is joining the trend. Electronification provides you with better data which is an essential element for any TCA analysis. In return, we regard TCA as a catalyst for this process.One example is BESTX’s crypto offering. Our crypto TCA comes with five big major functionalities. Firstly, it is the crypto post-trade. We provide the post-trade analytics for cryptos powered by the independent market data provider Lukka. This functionality is very similar to other assets like FX and equities. The second is crypto fixing which is very specifically designed for crypto. It is an hourly fixing for cryptocurrencies and it could be widely used in crypto ETF, crypto futures and decentralised lending protocol. The next is crypto pre-trade which guides the user to conduct the best execution via cost simulation.The fourth one is a trend and analyse. Obviously, you could identify your execution pattern viq trend analyse as a time series and further fine tuning your execution strategy. The last one is the exception reporting which helps clients in their crypto-execution monitor. We design all these functionalities for one purpose. The purpose to help clients to do better execution at crypto space. I want to talk about data warehouse which is our second item. I would rather start from the snowflake which is one of the biggest IPOs ever. They emerged as they solve one of the industrial problems. The problem that there is too much data. Those data stores in different places, with various formats, which makes it hard to reach any meaningful conclusion from the raw data. For instance, Google and Amazon could give you accurate advertisement based on your data. You thought it might come with shiny model, but as a data scientist, I would say 95 per cent of work is trying to collecting and cleaning the data. With this example we could quickly summarise the data warehouse features into four bullet points. It should be stored in the cloud with standard format and enhanced analytics need to be precalculated. Customers could access the result via multiple ways. If you look at the right-hand side of BESTX's workstream, BestX takes the trades and market data from various places; including different users and platforms. It has been stored in the cloud with standard format. We precalculated those statistics like expected cost to help clients to reach meaningful conclusions from their execution. The user could access the results from UI, CSV and SCP. Then, we could quickly draw our second conclusion that modern TCA naturally comes with data warehouse functionality, which helps clients to extract the information easily from raw price data and trade data. In terms of TCA value evolution, if you look at the three biggest models of BestX's post-trade, peer pool and pre-trade, it is moving away from regulator tick box to an essential tool of daily trading. In the post-trade and peer review, you could quickly answer several questions about execution. Whether you are doing good, or not, is there any outliers that need improvements? Then, you could fine tune your execution strategy via peer ranking. Our pre-trade could help you to do the timing and to do the cost simulation with different trade settings. Then, we could summarise the value of a TCA into four key benefits. It is easy to use as people could access their results directly from our UI without building their own model. In addition, BestX pays for the data and all our metrics are public. We are transparent and cost saving. All your data stored in the cloud have been looked after by our dedicated data expert which provides you with secured storage. The final benefit is that you could access it via multiple platforms, like CRD within State Street. As a conclusion with this slide, I think TCA and BestX aims to become a Google map for the financial industry which, traditionally, only sophisticated players could access. I will pause here for questions. Yes, I just saw our first question. How do you think the multi-asset TCA could benefit clients? I think it comes with two aspects. First, obviously, the coverage; different funds trading different assets. Some focus on equities. Some focus on fixed-income. Then, one of the advantages for multi-asset TCA is that the user could be able to visualise all the different metrics for different portals in a single platform; instead of changing, for example, FX at BestX and equity in ITG, etc. First of the key benefits is the coverage. The second, obviously, comes from the cross-data itself. Traditionally,for example, the equity data is stored in one placed and fixed income data is stored in another place and it's difficult to join the two together. Obviously, if BestX provide the multi-asset TCA, we could access all this data in a single platform, and the BestX quant could work out, for example, the cross-asset relationship for the users... For instance, if we do not have lots of data for apple bonds, and then it's difficult to say, whether it's difficult to trade apple bonds. Obviously, you could at look at the relationship between the equity volatility to the apple bonds execution. We draw a second conclusion that  multi-asset TCA could benefit the clients from the multi-asset information. Hopefully, I think I answered the first question. The second question is how do you think the multi-asset TCA could... Oh, sorry, so what is unique advantage for BestX's data warehouse model? I think that's a very good question, indeed. Actually, if we think from the user, who for example, a quant sitting in a bank, which for example, you are quant in UBS... I used to work as a trader in the bank, so what happens is, in the bank, you could only access to your own data, but you cannot see other banks' data because of the privacy. What happens is, if you do research on your own data, and then your data tells you to widen your spread, for instance FX spread and what happens, you widen the spread, you receive less trade, and I think your new data probably will tell you to widen further the spread. What happens is your data tells you to widen the spread and you, then, your actions impact your own data. Now, obviously, you ended up with a data strategy loop, which is difficult to overcome. On the other hand, it's difficult to share your data with other banks because of the privacy. I think BestX is naturally a place to solve this, well, they're called prisoner’s dilemma. Firstly, we are independent. The second is all these statistics have been precalculated. For instance, you could work out of the market volume shares, your spread ranking, your signalling risk ranking easily without looking to single trades. And,Secondly BestX is independent. You could trust them. Obviously, BestX, if we provide a data warehouse functionality, solves this issue because, Firstly, you do not need to share data. The second, you still could draw the information from all this data. I think that BestX is very unique for the industry and it could solve the problem which, actually, no one could solve it before. Maybe actually I have answered the question. I'll come up with another question. What is the potential impact of BestX crypto fixing? That's a very good question. I guess, actually, to answer this question we need to understand the crypto market; what we are trying to solve. We see a rapid growth of the crypto markets as well as in crypto futures.Crypto ETFs has just been released. Then, you've got loads of assets locked in decentralise the contract. Due to the segmentation or decentralisation feature of these cryptos - for instance, Bitcoin - it is very difficult to get robust the fixing using TWAP and traditional financial methods. We are working to come up with a robust methodology to provide the ETF, futures of robust fixing, by using what we call the double-stage median method. The methodology has already been worked out and our team are trying to implement it. I think the impact would be massive, because that would be the first reliable and robust fixing. from the market itself, there are a hundred billion of assets, located in the DEFI contract. Then, with a reliable crypto fixing they will have less risk to what we call the flash loan attack. Hopefully, I think that will have a massive impact on the crypto-markets. That's, I think, the third question. We've got a fourth question. That is what are the main challenges of building crypto TCA? I think the main challenge comes from the fact it is something which is decentralised and, then, you've got the data here/there. it's not like with equities where even if it's decentralised and segmented, you could still come up with reliable Mid. For cryptos, for instance, you've got a BTCUSDT price At Binance, you've got a BTCUSDT price, at coinbase. Naturally, they will have a difference. The difference comes from the credit risk of the platform. How to solve this market mid is, actually, the main challenge for crypto TCA. At BestX, our solution is actually to receive loads of prices and trades from different exchanges; from our data provider, lukka. The solution is to say if any trades from the clients need to have a venue tag.. If it not has a venue tag then, obviously, we will benchmark you to BestX crypto fixing which is a reliable benchmark. That's the two solutions we are facing this decentralisation issue of crypto TCA... Our crypto TCA is on track and, then, that will be probably the word first. I've got a next question which is what value could BestX bring to portfolio managers? That's a really good question. It's really actually tied to this slide. If you think about BestX TCA just tick box, for regulatory, I think you underestimate the power of the TCA. Just to raise my personal example, I used to work in a proper trading desk, as a quant. As a quant, the majority of the work, obviously, is to research the alpha signals and  back test it. If you think about it, you already work a best strategy, which yields 50 per cent of the return. you goes to your boss, or goes to the investors to present your strategy. I think the very first question they will ask of you is what is your fund size? You might provide 50 per cent, but my fund size, maximum fund size, is one million. Then, that only yields 500,000 return, yearly, which is not very interesting for the institutional investors. To say this, I think most of the portfolio managers, or quants, are using ad-hoc methods. What they do is to use ten per cent of the ADV of your portfolio or some just take ten per cent of the market cap. If you think about it, with TCA or BestX expected cost model, we could bring this fund size determination to another level. Think about it in this case... If you back test your strategies with 50 per cent return, what you could do is, with different fund sizes, you could simulate the cost via BestX expected cost to see what is the expected market impact. For example, for a fund size of one million, ten million, and 100 million. Then, in terms of return, obviously, there will be a decay, because you pay more connection costs, but in the other side, because your fund size has increased, you will increase the pnl or potential increase the pnl in dollars. What you could visualise is say with different scenarios... Say if my fund size is one million, that is my return, that's on the marketing impact, that's how much I would earn in a year; what is the scenario when traded with ten million/50 million/100 million? With this quantitative method, you could present it for the investors or maybe with the boss to get more credit. Essentially, what you are doing is more quantitative. Instead of saying my fund size is just ten per cent of the ADV. I think it comes back to the last conclusions. I think BestX aims to become the essential tool of the daily trading and that will be necessary for any trade cycles. Yes. I think I've probably answered all the questions today. Maybe five questions, yes. Last question.