“In terms of the beta question, look, this is a question, I guess, that's come up on a lot of calls over the last several quarters in that we deal with a sophisticated client base, and we kind of pass on the rates as we get them. And so our kind of bases have always been quite high, like in the low to mid-80s, and that's kind of where we see the book. And so the marginal base is around 100%. And if rates were to go down, we'd see the betas to perform in line with the way on the way up.”

In context

“arter. Obviously, it's a very fluid rate backdrop. But based on what you're seeing, when might this start to level off since I think last cycle, your beta was around 75% or 80% for the cumulative cycle? Dermot McDonogh: So, thanks for the question. Look, on the repo side, part of NII, higher than expected. And we've invested quite heavily in that over the last couple of years, and we feel it's an important business for us as it relates to clients and delivering products to them. But it does -- it's quite small in the context of our overall NII. It's only about 5%. So I think the business held in nicely. It's doing well. The balances are higher and spreads are a little bit tighter. So there's kind of a couple of puts and takes there. But in the context of our overall NII, it's quite small. In terms of the beta question, look, this is a question, I guess, that's come up on a lot of calls over the last several quarters in that we deal with a sophisticated client base, and we kind of pass on the rates as we get them. And so our kind of bases have always been quite high, like in the low to mid-80s, and that's kind of where we see the book. And so the marginal base is around 100%. And if rates were to go down, we'd see the betas to perform in line with the way on the way up. So that's kind of roughly how we see it. David Smith: Thank you. And then just in terms of how the macro environment is affecting client activity, do you find clients are less willing to move around from one provider to another in a turbulent environment like this? Or the custodians with differentiated capabilities become more attractive to a large enough extent that people will still consider moving where they hold funds? Robin Vince: I think it depends on the platform. And this is really where the breadth of our platforms is a real advantage for us, David, because we have these platforms that are higher frequency in terms of volumes where things like collateral management, things like treasury clearing, things like global clearing, $1.6 trillion ecosystem in terms of LiquidityDirect. An”