“As it relates to elevated activity in terms of volume and activity, I think from what we see on our platforms, we kind of see that continuing to be the case in the medium term.”

In context

“rd, given changes in monetary policy expectations, but also some of the client behavior that you mentioned earlier, how sustainable do you ultimately think this more elevated pace of activity in this market? Dermot McDonogh: So, on the repo question, so at cleared repo, for sure, we saw elevated activity, particularly going into the back end of the quarter and in the early part of this quarter. And that, in large part, contributed to the outperformance for the Q3 NII. That has now moderated somewhat. And so, in my prepared remarks, and in terms of the guidance, that's why I kind of feel like roughly for NII, we're about $1 billion for the fourth quarter. In terms of cleared repo, overall, as a kind of contributor to the NII over the course of the year, it's roughly about 5% of the number. As it relates to elevated activity in terms of volume and activity, I think from what we see on our platforms, we kind of see that continuing to be the case in the medium term. There's no reason for the slowdown. It's been a very strong year, very, very active client engagement, product innovation. And particularly on the international side, we said at the beginning of the year in our kind of strategic call in January that international was going to be a key area of ​​focus on the platform, and that's been the case, and that's shown up in the results. So, I think, overall, and I said in my prepared remarks as well, in terms of the liquidity ecosystem in total hit a high for us at $1.5 trillion. That's up from $1.2 trillion a couple of years ago, and that's in the backdrop of liquidity coming out of the system. So, we've grown quite substantially. And that, again, is coming back to connecting the dots across the firm, getting teams collaborating more, being more”