“on balance, expect it to grow, but it's not a meaningful part of the overall number.”

In context

“but clearly that hasn't happened yet. So maybe talk a little bit about the factors that contributed to the stronger performance in that part of the model within the quarter, but also maybe within the year. What could change that given where you are in the sort of the environment and the outlook? And what do you think is the appropriate run rate, I guess, for that contribution to NII going forward? Thanks. Robin Vince: So for Clear to Repo, look, strong performance in Q4. The only context I would give you on that, Alex, is it's kind of -- it's roughly 5% of the overall NII. So how we talk about it, it's still kind of small in the context of the bigger number. We've invested a lot in it in the last couple of years in terms of technology, better products, being more for clients, etcetera. So on balance, expect it to grow, but it's not a meaningful part of the overall number. Alex Blostein: Okay. Thanks very much. Operator: Our next question comes from Brian Bedell with Deutsche Bank. Brian Bedell: Great. Good afternoon, folks. Thanks for taking my question. Just on a couple of assumptions on the financial outlook for '25. Maybe just to start with net interest revenue and appreciate all the commentary you made, Dermot, on the factors on that. It looks like it's more based on the asset and deposit side on mix as opposed to growth in deposits and growth in earning assets. So I just want to get your sense of, you know, all else equal, do you -- to what extent do you think you can actually grow the deposit base via all the client initiatives you have? Dermot McDonogh: So for '24, like we kind of -- I think we outperformed on the balance side. But as we look out in”