“So the upshot is that $4 billion is a very big number, but the run rate has been higher than what we've seen a couple years ago. And it makes sense as we continue to consolidate share, we're clearly continuing to take share with the right technology, the right mix of client business, the right focus on returns around the world. So it's a winner, and insofar as we don't go risk off, it'll continue to be a winner.”

In context

“e derivatives business in each of the three regions, and they all clicked. I feel really good about the business, and it's leadership under Al Thomas in Gokulahari. They've done a hell of a job. It is fundamentally activity-based. The bare case would be weaker economy, weaker sentiment, i.e., the animal spirits going to hibernation, that would be constant with lower prices. Negative manager performance, and that brings lower transaction levels, lower leverage levels, lower new issue activity. But that's not where we are. Markets are off, but clients remain much engaged. High volumes in every region, We have big market share in Asia, as you know. High two-way market views. As we're living through over the last number of days. And new issue market that may pause, but it's still on pipeline. So the upshot is that $4 billion is a very big number, but the run rate has been higher than what we've seen a couple years ago. And it makes sense as we continue to consolidate share, we're clearly continuing to take share with the right technology, the right mix of client business, the right focus on returns around the world. So it's a winner, and insofar as we don't go risk off, it'll continue to be a winner. And I'm super proud of the team. No. Thanks for that perspective, Ted. And maybe for my follow-up for Sharon, just on the NNA outlook. So the flows were certainly more durable than we and others had anticipated. The market deterioration admittedly was a bit more back-end loaded, and it has accelerated into April. So I was hoping you could speak to the durability of the NNA strength just given some of the negative marks we've seen in both fixed income and equities. And you noted cash has been much more resilient in April. Was hoping you could also speak to what you're seeing across lending and margin, particularly margin, which is more equity or beta sensitive. Sharon Yeshaya: Sure. So let me start first by the NNA because I think the story there is actually really encouraging when you loo”