i think there are various things that might be done, silicom it that it is a settled yet, while it isn'tbut the discussions are happening. are -- say that there you say that there are discussions about that -- discussions about possible solutions. which ones might be favorable to you? guest: the discussions about the way firms organize themselves. the question about where the research is provided from, that is one set of discussions. there will be discussions between authorities about, how can we best reconcile these positions? and keep the necessary ingredients for a full to the rules put in place? i don't want to predict exactly what the outcomes will be but i would say, and i think is encouraging here, is that there is positive engagement. everything i see, the fca can't solve this problem on its own, but i see an engagement which is in the air it off we know we , have to solve this issue. nejra: that was andrew bailey, head of the uk's financial conduct authority. more from our exclusive wide-ranging interview next. this is bloomberg. ♪ nejra: welcome to "bloomberg markets: rules & r