more exoticn, strategies will be more research intensive and that will guide the valuation. be specific to each firm. within the buy side, will we see a divergence, for example between long only and hedge funds? >> it remains to be seen. most hedge funds are planning to use client money for research, as reviewers will be aware. many owners have said they will opt for p&l. those managerst using client funds will be subject to increasing regulatory scrutiny. they will have to have a mifid ii research valuation policy which spells out how they are pricing research. been: some people have commenting on the fact that not just with mifid ii but with other regulation as well, there is pressure on active managers and we could see more consolidation. do you think that is what we will see? >> it is possible but the other thing that will help active managers is they have new tools to share research more efficiently. if they can explain to the asset owners and regulators how they roi on research spending this will be the difference between winners and losers coming out of this equation