we will next dear friend karen shaw petrou who will talk about intermediation as well as other matters. >> thank you very much. i'm i'm going to stay put because if i go to the podium shall take all the attention, but because i didn't wear pocket and i will drop by mike. thanks again to con and all of you for inviting me here. this is a fascinating conference and i just want to say i do think your idea of keeping this going and reviewing how the policy discussions everybody is talking about are faring and hold another meeting like this next year would be a great contribution and i really hope you do it and i'm sure all of you do as well. the topic to con is asked to talk financial intermediation, the future thereof. when i think about it, really takes me right into this question of shadow banking. i know there is discussion this morning on a couple different panels. but often when we think about shadow finance is put into the wholesale context of products like security finance, repurchase agreement, money market funds, asset securitization. not to traditional financial intermediation p