“So that might be more idiosyncratic to your point And so, yes, the base will rise as those prime brokerage balances will rise, assuming that there's not sort of some major market decline which would cause a contraction in balances.”

In context

“ks like there today and how that's evolved as well? Because it just feels like you're building kind of a higher base overall in equities, and love to just get a little more sense there. Thank you. Sharon Yeshaya: Certainly. I mean, we talked about record balances in financing, and we talked about that. That should obviously, you should think about that relative to where markets are. You're gaining client share, wallet share. But you're also benefiting one is benefiting from increased balances as the markets have risen. As it relates to the more transactional level of activity, that's gonna really be based on what's going on in the marketplace in time. And you could see that more based on a volume driven approach. I e, are volumes rising or are they falling and client activity more broadly So that might be more idiosyncratic to your point And so, yes, the base will rise as those prime brokerage balances will rise, assuming that there's not sort of some major market decline which would cause a contraction in balances. Ted Pick: Yeah. I mean, to be to echo that, we're at 6,700 S and P, and you know, index asset price highs around the world. So if there is a deleveraging event or just lower let's say, there's a a sort of recession scare and the markets are lower, well, definition, the financing revenues will be lower. I mean, they're they they are they are linked in that sense as you know, inextricably. What is what is an interesting development, though, inside of equities is, first of all, as global as ever, as Sharon has talked about, we have a business that is thriving both in in Asia, which is, as you know, multiple locations and then also in Europe, again, multiple locations But then also the development of our derivatives business liquid derivatives and the cash business, once thought to be one tha”