joining me is jp barnett.is about a number of companies looking for a deeper capital markets outside of europe. it is not just a london story. it is a frankfurt story. it's a paris story. what is so different right now? jp: good morning. i would say it goes beyond the startups into european bellwethers and established companies. the difference is the prices of european capital markets and its decline has become an existential threat. we don't have a google and an amazon and that has been well-known but there's a trend emerging over the last couple years not only that we are losing 300 billion dollars in money that had been invested in europe before but more companies, new ones it established ones, have the feeling they cannot grow in europe as much as in the u.s. there is some evidence too. if you look at the rare chip companies we have in europe, the u.s. depository receipts rate it much more than in europe. it speaks to a market struggling with liquidity and valuation. you have companies that move listings,