clearnet makes 50% of its flows from euronext clients. it was a natural step for us to look at the opportunity when it came to buy back this asset. in addition to clearing assets or clearing flows, this is providing the top line with significant incremental revenues in fixed income. it's a good deal for the shareholders, and the clients of euronext. we're happy with the situation. obviously, as you pointed out, this deal is conditional upon the completion of the merger of db with lse. so, we are just trying to maximize the opportunities for shareholders and clients. if the merger is completed, euronext will be strengthened at the core of the eurozone markets, if it's not completed, this is a different world. >> your shares are down some 15% last year. rbc, the analyst house, said you have to make a big deal or actually increase top line organically. you are seeing from the organic side that volumes are strong, that the ipo business is strong? >> yes. we have seen recovery on volumes in november and december. we are also starting to deploy