euronext made a 510 million all cash officer for lch clearnet. euronext expects pretax operating cost synergies of 13 million euros with the potential for additional revenue gains. the completion is subject to the closing of the merger between deutsche boerse and lse. that's why lse had to sell to make concessions to the competition authority. we are joined by the ceo of e o euronext who joins us from paris. what's the rational from this deal. do you think you would have bought this business if it weren't for the lse and the deutsche boerse dear? >> it's a natural transition for us. clearnet used to be an acetoned and controlled by euronext in 2003. 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 po