marking around the clock to implement these rules, which, to be fair, have been in the works for many yeras. -- for many years. we are seeing lower trading volumes, but it is hard to tell how much of that is down to mifid ii, and how much is down to the start of the year. you just spoke on "surveillance" to markus ferber. he does not think these trading volumes are down to mifid2. there are some brokerages that have spoken in anonymity to bloomberg, who said in the run-up today, they have seen a lo lot of lower volumes. there we are talking more over the counter, but it is something to note. francine: i have seen this conversation with lawmakers. regulators have said, we knew the rules for a year. and then, we speak to a lot of market participants saying they don't know what the end game is. so, they play it safe for the next three months. nejra: the end game from the regulator's perspective is to create a more transparent market, to create fairer markets, to create more competitiveness. and th ebie big change has beene research on bundling. the fallout is not something we will see today. t