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very educational thank you. >> see you soon. >> be well. >> cme ceo, terry duffy. tim, what do you think >> for cme it's a stock for couple years that under performed a bit but again trading volumes and where we are in the capital market cycle that's the upgrade for the issue may be valuation be look at the ebit margin north of 60% so terry has evolved with a landscape that's been evolving 20 years and i'm sure they'll continue to be in the thick of it >> grasso, got to go to your trading thoughts post-pandemic. >> yeah i think we've totally tapped 23450 a whole -- tapped into a whole new demographic that is engaged in the marketplace. it's really astounding how this demographic is so engaged. i would caution though that my first knee-jerk reaction is to go where tim went with the exchanges to say they'll have bloated volume the second thing is, there's also a lot of people that have been extremely receptive and engaged because of the pandemic and they're sitting at home. so i don't know when we come out of the pandemic if they're going to be this engaged but i wil