Yeah, fan dual friends and family. What is going on? What is happening? Happy end of week 16. We got a Monday night football slate to get after Q and A show here on the fan dual channel, Ryan Williams. You can find me on Twitter at ryanalexander underscore w and I'm joined by my good friend, Mr. Jim Sonnis himself. You can find him on Twitter at Jim Sonnis and Jim, we got an interesting one to break down here on the slate. You know, regardless of how we feel about COVID issues, regardless of how we feel about how our playoff fantasy teams that we still have one more slate left to cover in week 16 before we get on the championship week. And that's going to be between the Miami Dolphins and the New Orleans Saints. Jim, how are you feeling today about the slate? You said interesting. I think that's the right word because like it's not. I mean, like we can say, you could say hypothetically if you wanted to say it's a bad slate because like, are there things I feel great about on the slate? No, but the key thing to keep in mind is it's bad for everyone. Like everyone is dealing with these same issues trying to identify players who can score points here. So although it's a tough slate, I think that that is not necessarily a bad thing for us as DFS players. There may be more inefficiency in the prop market as well because they're guessing just as much as we are. So I think that gives us a chance to try to win some money try to take advantage of those unknowns because the DFS payouts tonight are the exact same as they are for every other DFS slate. So I guess that's where I'm coming from here, Ryan. That's I maybe that's me trying to like talk myself into stuff and feeling better about it. But like it is, it's a little hazy out there for sure. Yeah, definitely a little hazy. And we're definitely have a lot to dissect with the people for the next 28 or so minutes. Guys, if you're coming in on the chat, whether it's Facebook, YouTube, Twitch, what have you, we appreciate you guys being here. Get your questions in. Jim and I will try to answer all of the questions as they come in and apologies if we bounce around, but we always like to get to all the questions. We just kind of let the questions dictate on what we're talking about. So I see the chat coming in and people are already asking about Nick Vanette, Jim, which we were talking about pre-show just leading up into the slate. And so we do have some issues on both ends, I guess, as far as the running backs go for Miami and the tight end situation for New Orleans. We do have guys that could be activated that could affect the slate. We'll talk about Nick Vanette right now. So Adam Troutman, he's on the COVID list. So is Joanne Johnson. I don't think Joanne Johnson has a chance to be active, but Adam Troutman, it sounded like did. And so we could be getting him active. I think he's about 5,000 if I'm not mistaken on the single game slate and Nick Vanette's 7,000. Now, Adam Troutman's not active. We could be looking at a situation or not activated. We could be looking at a situation where Nick Vanette is the only tight end option. Playing with Ian, but kind of that backup to backup connection, absolutely love him if he's the only guy. But if Troutman is activated, it does make it a little bit murky. What are your thoughts on Nick Vanette today? Yeah, I think that he's at least in play, DJ. So like if we're talking about trying to identify players we can turn to and feel decent about on the Saints, he probably would be out there for most of the snaps. And that's more certainty than we have with like a lot of guys for tonight. So I would say that it's at least an option to consider Nick Vanette here. I would also say that Adam Troutman's activated. I think that you could definitely do a lot worse than him. Not just because of the salary. The salary to me doesn't matter. It's more so because I'd expect him to have a pretty decent role. Came back last week, just two targets there, but before he went on IR, he was decently evolved. Came back really fast, honestly. It was a pretty quick turnaround. So I'd feel decent about him there if we were to get him. So I think I'd be interested there. I think the one drawback of Vanette for a slate like tonight is like I said, we don't really need the salary savings. Like if you want to go at the Saints passing game, Marquez Callaway, $8,500. I think he is the preferred route to access here. He is only $1,500 more than Vanette on a slate where I probably don't need the salary savings. So I think preferred route is there, but because Vanette will play probably every snap, if Johnson and Troutman are not activated, then he's still in play. Preferred route is Callaway, but Vanette would at least be an option there. Yeah, and you're looking at, so both of these defenses, which we don't play defenses on the single-game slate, but that at least helps dictate the slate to us, Jim. When we were talking about this, this over-under is 37. So Vegas is not expecting a lot of points to be scored here. So you do kind of want to look and hope for that you're getting at least touchdowns on your single-game teams, your entries, to make you feel good about who you're playing. And with a guy like Nick Vanette, these are going to be two defenses that are, I guess the secondary for the Saints is dealing with some issues, but the secondary for Miami has been absolutely stellar at containing wide receiver points. So when we're looking at, throwing out a Nick Vanette out there, I do think he is in a decent spot and you're looking at his prop on the Fandall Sportsbook right now. He's plus 500 to score an anytime touchdown. So I do like getting to some prop action on him. I saw Grim Fan, shout out to Grim Fan, who's in the YouTube chat. He asked about Nick Vanette props. I absolutely liked that. Probably not going to play around with his receiving prop at all, which is 23 and a half, but it is plus money. So 23, that is kind of interesting to put in the same game parlay if you so choose to. But I think Nick Vanette scoring a touchdown with Ian Book. I think I could talk myself into that, especially at five to one odds. Yeah, the tough part there is, I wouldn't want to fire on it before we know an actives. And we're not going to, like the second an actives come out, they're probably going to freeze props and then like redistribute them knowing who is active and who's not. So I would, like Grim Fan, if you're trying to get down some action on that, that Vanette anytime, and I agree with Ryan where if you're going to bet him, I would do the end time touchdown prop. If you want to get down on that, try to make sure you are around, honestly right around now is when we should get news about who is active, who's being elevated. If you get word that Troutman and Johnson will not be cleared, then I would fire on Vanette right away. Personally, I might not get there just because I again, I think that there's some other things I do like on the board here as far as some touchdown props go. But like if you're trying to, if you're looking at Vanette and it seems like Grim Fan and DJ both are, then I think that I would make sure you are checking Twitter right now effectively to see if we get final word that Troutman can't go and I would take action right away before an act has come out later on. Absolutely, no, that's a great point, Jim. And we can usually, there's usually that window there. I would say, you know, anywhere from a couple seconds to, you know, right around 90 seconds where you're able to get onto the book and still get that back. They're usually on top of it. So definitely want to make sure you're refreshing and get that in quickly. Gosh, shout out to everybody who's getting their questions and love the interaction that we're getting here. We'll make sure to get to your questions. I just want to just bring in Grim Fan again real quick. He had a comment there about MVP with Vanette tonight. There's no need to play Vanette at Captain just because the upside there, I mean, unless we're really looking at, you know, a nine to three score game with him possibly only catching the touchdown in this whole game. I don't think it has any merit to it. You rarely want to get, you know, guys with who can put up huge raw scores multipliers at that MVP one and a half multiplier tonight. So definitely would just be a flex play. Yeah, I think that the good thing too is you probably don't need to get that weird at MVP tonight because I'm not sure there is like a different, like Camara is probably the chalk option for MVP, but I don't think it'll be like a Lamar Jackson situation where he's 60% rostered in the MVP slot specifically. So I think you'll be able to kind of just play things however you want here. You may, you know, maybe give thought to fading Camara there, but I don't think we need to get too wacky with the MVP slot for tonight. Yeah, so that's a fun one, Jim. And I do want to touch on Alvin Camara next as we're kind of talking about the Saints first. And then guys, we'll get into Miami here about the halfway mark to make sure that we cover both sides for you guys, but wanted to bring in Aaron Rasmus, excuse me on YouTube, wouldn't be, you know, a holiday show as we're just fresh off the holidays here without getting a shout out there. So happy holidays to you, Jim from Snowy, Minnesota, guys keeping deep and tabs on you. So we gotta show the love. It's not just snowy, it's also ice. I tried to walk outside this morning and I was tanked. So like you would have had a replacement. I mean, I don't know if Justin's around, but like I was close to hitting the IR myself because there's also ice out there. And I was not ready for that this morning. We would have done a solo Dolo kid. That's right. Of it. I would have been doing it all. Jack of all trades as we are here off to that fan duo. So love that. Love that Jim could make it on. Jim, so Alvin Camara, I want to go down to, in the YouTube chat, we got Ghostart coming in. He's asking about over under 30 fantasy points for Camara. So we've seen Camara have big games around the holidays. Obviously Christmas is two days removed now, but he had that big Christmas game last year where he put up six touchdowns. I believe that it was. And now he finds himself here in a matchup where this, like I said, we got a backup, a backup to the backup quarterback who's starting for Ian Buck for the Saints. Wide receivers are going to have a tough go in this matchup. I feel like even with Nick Vanette, as much as I love him, I still think that really looking at a low floor or low, lowish floor, safe floor, play if he scores a touchdown there. But with Alvin Camara, this guy has to be the guy. I think we talked about it in single game, entry stuff, entries that are 1,000 or less. I'm looking at playing Alvin Camara at MVP. I'll just get different elsewhere. You're looking at the upside that this guy has. And really what we're looking at with the defense here, to start the year, they were pretty strong. I'm kind of looking at the numbers here as I go, but they allowed nine running back touchdowns it looks like in their first seven games. And then they have not allowed any over the last seven, but their opponents, Jim, have been teams like Buffalo, Houston, Baltimore, the Jets, Carolina, Giants, Jets again. So you're looking at them not having played a stud like Alvin Camara. Is there any merit to not playing Camara in an ugly game like this at MVP? Yes, I think that your baseline of Camara at MVP is correct. Like he probably should be the number one guy. I think if you were looking for a reason to deviate, you can look at what he's done in games where Mark Ingram has been there. And it's not a big sample because Ingram obviously was with the Texans initially and then came over and then Camara missed in time, Ingram missed in time as well. So it's not a big sample. But last week with both these guys being active, Camara 11 carries, six targets, 31 yards and scrimmage in that game. The previous game where it was, Camara with Ingram was all the way back in week nine in that game, 104 yards and scrimmage. That's not too bad. In week eight, it was 76 yards and scrimmage. So it's a three game sample the two of them playing together. And in those three games, he's at 76, 104 and 31. Basically means he's pretty volatile and volatility is not bad because if you get the 104 yards and scrimmage, you're gonna feel pretty good in a game that's probably gonna be as low scoring as this one. But you can also get the bottom end of that. So I think that if I'm looking at a single entry slate where I am trying to find ways to be different without being stupid, I would go elsewhere. Maybe it's Jalen Waddle at MVP. Maybe it's to a tongue of a low at MVP. I think that that might be the way I'd play things there in order to take advantage of the fact that Camara when Ingram is healthy is not quite the same dominant, doesn't get the same dominant workload he does when Ingram is not there. No, excellent. And I do think that Miami kind of dictates how this game goes in general, which there's only two teams, Ryan. That seems like a duh statement. But really, when we're looking at a game that is just this low scoring, like the only way that we kind of get any type of explosive game or any game that we feel confident in multiple pieces is if Miami's able to keep, if Miami's able to do what they wanna do on offensive.  So I do think it will be interesting when we break down Miami. Real quick, I wanted to talk about the receivers, ancillary pieces outside of Ian Buck, which we can talk about Ian Buck. This guy, he's making his first NFL start. The rushing props, Jim, if you have the Fandall, thank you, the Fandall sports book up and you're looking at his rushing props. I found it incredible. This guy, I think he averaged like 500 rushing guards when he was at Notre Dame in his final two seasons. So it does have some upside there, but anytime touchdown score, he's plus 290. He's the fifth, has the fifth shortest odds to score a touchdown on the any game slate. So that led me to his rushing props. His rushing prop for tonight is 32 and a half. So Vegas is expecting him to be able to lean on his legs in this game. So he makes for an interesting play to kind of talk about. And then I did wanna ask about the ancillary pieces when I saw DJ coming in the chat asking about a little Jordan Humphrey. We got Marcus Callaway that we can talk about. Not sure about Trayquan Smith's status. I know he was questionable. He could also be active in this game, but we're not gonna have Deontay Harris who's been kind of a stud in his own right for what the team considers him as. How do you feel about these ancillary pieces and or the quarterback in general for New Orleans? Yeah, so Ian Book, he's like got some speed to him a little bit. I think he ran like a 4-7-40-ish at his pro day last year. Of course, there was no combine. And he did run a bit in college as you alluded to. So like he can run a bit and like, if you're looking at the Saints offense trying to transition quickly from Taysom, healthy in book, because they didn't have a ton of warning, ton of heads up this is gonna happen. They kind of have to make do on the fly. I can see why we'd see some rushing appeal in Ian Book. Let's see what the projections have over here. They've got him at 11.8 fan dual points. That's enough to be in play for the single game slate for sure. I think that the market suggested really fast on book.  So clearly smart people are putting a lot of money on the over on that rushing yardage prop. The anytime touchdown number too short for me to get there. So I think from a betting perspective and stay away from the book, from book rushing props from a DFS perspective though, I think that does help him be in play for tonight at $12,000. Obviously he's quarterbacks like he should be in play. But the question is, do I prioritize him above Jalen Waddle? Do I prioritize him above to a tongue of Iloa? And it's hard for me to say yes there because I have decently had expectations for Waddle specifically. So I'm okay with book and we'll use him. But I also think that if I have him in less than half my lineups, that's not gonna be a massive, massive surprise to me just because I want to focus the majority of my salary allocation more so on guys like Tua and Waddle ban on book. Yeah, no, that's a great point there. And I do have some interest in Ian book. I usually play in the three max to five max tournament. So I'm looking to get a little bit different there. And I've made a team with Ian book at MVP.  And I just don't know how many people are gonna get behind him, especially at the MVP multiplier spot. So that could be very interesting to play. Yeah, and I think that if they do like Ian book, they're probably gonna, that'll probably more so increase their interest in Camara. So if they like book, they'll use them in the flex spot with Camara at MVP, whereas you could just flip them or exclude Camara entirely maybe and do it that way instead. So I think that if you're gonna use book, I think giving thought to him at MVP is a smart way to play things.  Alvin Camara is going to be 88% or higher owned at the flex spot. You know, in a lineup. And then you're probably looking at MVP. He's probably more than 50% at MVP, depending on what kind of tournament you're in. So by just fading him in general, we talked about this with guys like Lamar, other guy, you know, a Tom Brady slate, some guys where people just don't wanna miss out on those points. If it does disappoint in this, this Vegas total is telling us that not a lot of points are gonna be scored here. If some weird stuff happens, you don't, you have a team without Camara, that could, you know, pay off more often than not. So an interesting one to get to there. Bringing in DJ here, who's coming in on Facebook. He says that Ian Book was the Josh Allen of Notre Dame. I thought that was funny. Does he mean that as like college Josh Allen? Cause that could, I mean, I think, I think that's pretty accurate based on my recollection of Ian Book. I think it was college Josh Allen, not superstar freak Josh Allen. Right, right. The Josh Allen that just handled business against the Patriots in that revenge game. You love to see that in Foxboro. Jim, I want to get over to the Miami side. But before I do, earlier on, like one of the first comments we had was Mark Caposio coming in on Facebook, didn't want to not shout him out. Mark, you might not be watching again, but we do like to shout out everybody here on the FanDuel Q&A on Monday. So wanted to make sure that we got that in. We appreciate you watching it along with us, Mark. I'm gonna go down to Dark Tyrant 458, who's coming in, favorite of the FanDuel channel, FanDuel community, we appreciate you coming in. Asking about Duke Johnson, explode last game, but Gaskin had COVID. He was coming back off of the COVID list, did not practice majority of that week, and that could have led to Duke Johnson's start of the game and then putting up his best career game and however many seasons he's already been in the league. So that was fun. Let's talk about this Miami side. The running back situation is a little bit murky because we do have Phillip Lindsey who signed with him. He has not been activated, but that's because we haven't seen the actives or inactive lists, but he could be here. We can also have Malcolm Brown coming back into the mix. So we could potentially have them choosing from five running backs in Miles Gaskin, Duke Johnson, Malcolm Brown, Salvin Ahmed and Phillip Lindsey to be active for this game today. Now the matchup does not lead itself to being a good one for running back. So if I were to play any guy in that backfield, I think it would be Miles Gaskin because the one thing that he's been able to do in his career with Miami is catch passes out of the backfield. They like using him in that role. Duke Johnson, we also know is a really apt pass catcher. He was great in Houston when he was there, but what are your thoughts on the running back situation, Jim, as we try to dissect this before the inactive list comes out? Yeah, I think it's gonna be a mess. So I think, again, it's kind of similar to the discussion on Ian Book. Do I want to use them or do I want to? They are close enough to Waddle where it is kind of like a one for one type thing. And I just rather go to Waddle because I know a play and I feel pretty good about his expectation. I think that if I were looking for one, I might go Duke Johnson just because, I don't know, this is like a vibes thing, not like his vibes, but the coaching staff gave off vibes that they were not into Miles Gaskin in the sense that they signed Phillip Lindsey, they signed Duke Johnson, the practice squad. That says to me they were not super pleased with the way things were going. I do think that as Dark Tyrant was talking about, part of the reason Gaskin's usage last week was so bad was because he hadn't practiced it. Brian Flores said on Friday, hey, we might go with the guys who had practiced with us and that's what he did. So we could see Gaskin's role increase here, but I also think that with Johnson playing well, there's a shot it doesn't increase. So if I were to go with one running back, I would go with Duke Johnson. I'm gonna use Duke. I think that there is reason to use Gaskin as well, but I think that honestly, if I've got one lineup, I'm probably just skipping over all of them. Their salaries are high enough where I can actually do that. And I think that's where I go. If I were choosing one, I would go Johnson just because I think he played well enough to earn an extra, at least extra look in this office. No, that's a great point, Jim. And you hit it on the head. The writing was on the wall last week for all the coach speak or don't listen to coach speak, talk this. We see in the fantasy community, that was one time where it did bear some merit there as they were kind of talking about utilizing Duke Johnson in the significant role and lo and behold, he was the starter of the game last week. So that was fun. Fanduul doing a great job of pricing these guys, I think by putting them both at 11K, having to make a choice between the two of them has some merit. I think also maybe there is some merit to playing both if Tua really needs to get the ball out quickly and both of them are gonna be using the past catching game. The other running backs really have not been utilized in that regard. So maybe some merit if you're playing more than a handful of teams, if you're 150 max or even in a 20 max situation, getting teams that have both of them on it as well as both of the Saints running backs on it, I think does have some merit there. Yeah, the Saints thing I was gonna bring up to, I think that's really smart because if you, we talk about making assumptions and playing the game out in your head, if the Saints win this game, they're probably gonna run a lot. I think that that could lead to 15 carries, six targets for Alvin Kamera and it could be like 12 carries from Mark Ingram, 12 carries, three targets, something like that. And if they both get those specific, like that's kind of outlandish, it's a lot of work, but like if they get that, they'll probably both be in the lineup. So I think the Kamera Ingram lineup for me, if you assume the Saints win this game, very, very interesting. Yes, no, that has some merit too. And especially if we get Mark Ingram red zone role there, that'll be fun to get after. It has been a tough defense to run against Jim as I'm looking at New Orleans here ranked number one in Rush DVOA. So that, you know, been hard to run on them, but DeMario Davis and Malcolm Jenkins, I know Malcolm Jenkins plays safety, but still, you know, you got a lot of two defensive key guys who are gonna be out for the New Orleans Saints this week, which should, you know, make things interesting, I guess to a certain extent when we're talking about these guys. And I guess the two guys that I wanted to make sure we touch on outside of Tua, because I do wanna get your thoughts on Tua and how we feel about him today. We had a question earlier on about Devante Parker. This was from Ryan McFarland on Facebook, asking about Devante Parker or Waddle for captain.  But with Waddle, when we're looking at the slot here, this could be interesting. Also interesting for Mike Gasecki as well, who, you know, they're tough against tight ends, but without Malcolm Jenkins being there and DeMario Davis, like two good guys in coverage across the middle, that could also lead to some more production for Mike Gasecki as well. And he kind of plays more of a wide receiver role as it is anyway. What are your thoughts about the Miami pass catchers at all, Jim? Because I know you did mention Waddle at captain a couple of times. Is that the one guy you would go for Miami or are there other pieces you can trust? Yeah, I kind of want to copy and paste everything you said as being my answer for the Dolphins pass catchers. I think that was spot on. Talking about Gasecki with the guys who are not there for the same thing, I think that's super smart. I tend to love Devante Parker. It's harder to love him in this matchup. So that's why I'm so focused on Waddle. Because again, what part of the field does he win in? It's over the middle, stuff like that, a short area of field. And that's where Demario Davis is. That's where Malcolm Jenkins is. And so I think those two guys are the ones who benefit most from those absences. And if you look at the three games, it's the three game sample where Parker, Waddle, and Tua have all been healthy at the same time. I'll just do this super clunkily on the stream because why not? It's the three game sample with all of them active at the same time. In those three games, Joe and Waddle's target share is 28%. Devante Parker, 22%. Gasecki is 16%. So Gasecki didn't know how to play a lot in week one. So it is kind of a tainted sample for him. But I think that that does show that Waddle is gonna get a lot of work. Probably gonna get some high leverage work because he's gotten a good amount of deep targets. He's gotten a lot of work inside the red zone as well. That to me says he has the path to be the highest scoring guy in the slate. So if I am trying to be a bit different, I think I wanna do so via Jalen Waddle because I think people will go with the quarterbacks or Camara as their MVP. Probably not a lot of people go into Waddle. So to me, I think that he stands out. I think that he is a really fun option, totally okay with Parker. I need him in some season long spots tonight. So I'd love for him to do well. But I think that between him and Gasecki, it's pretty tough. I'm curious who you prefer between the two because I'm torn. So I'm gonna steal your answer here again if that's okay. No, that's fair. I think that Waddle is a guy that I would get to. I just wanted to bring up Gasecki just on the point of like if you're making teams that have to exposure to them or to a MVP, you wanna take two passcatchers, I would probably lean Waddle and Gasecki both over Davante Parker. I mean, Davante Parker, he's done decent without Waddle in the lineup but then when you're looking at Waddle being there, I mean, Waddle, he has games, we're looking at three, four games I'm looking at here with eight or more targets. Davante Parker with Tua only has one game with eight or more targets and only one game where he's found Pader. So even with the matchup aside, still tough to trust and get after him there. But he does have some merit in the flex, I guess I would be just be more, I probably wouldn't play Gasecki at MVP too but I love getting to Waddle MVP because he could get all the work there. And if the Saints are going up big, I could see them leaning on Waddle to help them get out of it. Jim, as we get down here, I wanted to make sure we touch on the sports book just if people had some betting questions they get after too today. But I did wanna ask about, we won't have Albert Wilson for the Miami Dolphins. So that probably means that we get some form of Isaiah Ford or Mack Hollins or maybe even Preston Williams seeing more of a share. Do you have a lean on who that would be particularly? Every time I use Mike Gasecki, Mack Hollins catches a touchdown, like that's a rule. So I looked and he's plus 950, I don't hate it. I haven't acted on that but I don't hate it just because that's kinda what he does is he scores touchdown. So I think that he's at least worth a look and he'd be the guy who interests me most just cause he tilts me to no end.  They look the exact same from like a far angle, especially like in September when like Gasecki's like a little like, he's been in the sun a little bit but like it's tough. So I think Mack Hollins just because like those non-Gasecki touchdowns stick out in my mind so much, I feel like he'd be the guy there. Yeah, I've seen him in the few times that I've seen the Miami Dolphins play on Sunday on my Red Zone channel coming on, you know, Mack Hollins. I'm always looking, you know, okay, where's Gasecki? Where's Waddle? Oh no, that's Mike, that's Mack Hollins there catching a touchdown. So that's fun. Also wanted to bring in Dark Tyrant back again from the YouTube channel saying that Waddle and Tua spent Christmas together. I didn't mean to be rude there. I was actually trying to confirm this on Twitter just to see if we can get some get some stuff there. I do know that they had a good rapport as well in the offseason leading into the season and it's paid off. It's paid off dividends. Waddle is looking like a great future asset for them to have. So love what Miami's doing. Now we can't even bury the lead on this whole game, you know, Jim, which has a ton of implications as far as playoffs go, you know, the Saints. So the Saints are right now sitting at the seven seed and I believe if the Saints and the 49ers and whoever that NFC team, I'm going to blank now, but there's another NFC team there. If the other, if all three teams went out, the Saints actually would miss the play. Actually, I think they're higher than the seven seed. It's the 49ers and somebody else. The Saints would actually be the ones to miss out, which is kind of crazy. I think that's how I saw, or the 49ers would be the one to miss out. So they're in, but if they went out they could still miss the playoffs. Correct. Yeah. I actually think it was the 49ers because the 49ers have a better record, but I'd honestly, you know, playoff implications there. If the, if the choice is, do I get to watch Debo Samuel in the playoffs or Ian Book or like Tayson Hill in the playoffs? I'm going to take Debo Samuel. So that's the, you know, that's that I'll take that. Absolutely. Absolutely. And then we have the Dolphins who have been on just an incredible pace right now, starting one in seven have not lost a game yet. They actually are favored in this game to win on the Fandals Sportsbook. I was just bringing it back up here. Three is what it is now on the road going into New Orleans. Do you have a lean on either team? So I have ignored this, this market for the past five days because I had the Dolphins plus 140 before the Tayson Hill news broke their money line. So I have that sitting. I'm not going to touch anything in addition to it. I'm just going to let it ride, see what happens. I'd be okay with the result. If I were looking at this and had not been at previously, I think it'd still be a stay away from me just because I think three is a pretty efficient line. I think that the Sades defense is going to play well enough to keep them in this game regardless of what happens to their offense. So that's why I can't be like, oh yeah, just go get Miami minus three now. But also I don't really want to take the Sades plus three because I do think that Miami in each team's current state is probably the better team. So I can see both sides here. So I'm going to stick with what I have and just let that Dolphins money line ride. But if I were looking at it now and had not bet it, I think I would stay away personally. Love that. Yeah, I have no lean whatsoever on this game. It should be an interesting one, but it does, these are the type of games where it does make me, it's hard to bet against New Orleans at home regardless of who's starting. They couldn't shine Payton back as you alluded to and they'll find a way. They'll find a way with Ian Buck and the rookie to spoil the Miami Dolphins playoff chances and hopes and dreams and have that be fun. If anyone can make it work with Ian Buck, it's Sean Payton. Yeah, right. Yeah. The Taysum Hill whisper to a certain extent. Guys, just real quickly on the fan dual sports book, I wouldn't talk about a boost, but real quickly, Venette, if he is the only tight end who's active if we don't get Trotman, we don't get Johnson, his reception prop right now is plus money at two and a half. I would get behind that. It kind of feels a little bit ugly when you think about Venette and what his reception equity would be if we played this game out multiple times, but no other tight end to compete with. He'll be on the field. Three receptions, I'm fine getting behind that. That's one that you would have to take outside of a same game parlay, ton of action to get on the same game parlay. Guys, make sure you're getting after those. And then we also have some boosts around this game as well. We got the Dolphins plus three and a half and the under of 44 and a half points at plus 100. So, you know, you get your money doubled up there, but also we got the Santa Barclay boost, Alvin Kamera to have 50 rushing yards and Jalen Waddle to have 50 receiving yards, plus 200, two to one, I've already vetted Jim. So I will get behind that for the people and the fans. Jim, do you have any less words about this game before we sign off today? Yeah, as much as I hate it, Ryan, I do think that there's value in the Gisiki touchdown prop at plus 360, which guarantees Matt Collins will score. So by me saying this, I've just locked in Matt Collins plus 950, but I do think that like if I'm ignoring my past burnings, I think Gisiki plus 360 is a pretty good bet right now. Excellent. Yeah, I'm gonna see what, you know, the boost. I said after yesterday, I missed the four-figure bet with Zeke Elliott not getting 51 and a half yards. So I saw it would be a same game parlay. Washington is now your least favorite team for not keeping that game competitive then. Yeah, you know, it's hard to blame Washington. I'm not even gonna blame them. It's always Dallas's fault. That's true, that's true. It's always Dallas's fault. Fair enough. So it was my fault for believing in Dallas in that way. But yeah, I had some fun action going last night, guys. We hope that you have some fun action going on Monday night tonight and whether you're in the playoffs or you wanna get some money back on some of the bets here on the FanDuel Sportsbook or you wanna hit big on the FanDuel Single Game Slate. Guys, plenty of money to be had. We hope that you enjoy it week 16. This is it. This is gonna bookmark the week 16. We got week 17 next week for you guys. Monday night football, this will be fun. We'll be ringing in the new year on January 3rd with you guys 2022. I can't believe it. Can't believe it's already here, Jim, it's crazy. But we hope you guys have a fun one, guys. Happy holidays to you and yours. Thanks for tuning in to the FanDuel Channel. Catch us next time on the Monday Q&A Show. But until then, sign in off for Jim Sonnis. You can find him on Twitter at Jim Sonnis. You can find me, Ryan Williams, at ryanalexander underscore w. We'll see you next time. Good luck. Peace.


The Chairman of Association of Local Governments of Nigeria, Alganin Delta State, Victor Ebonka, has cleared the air about the proposed burying of 40 billion Naira. Ebonka has said the fund was for the local governments and not the state government. Speaking to Newsman, he said before the state government approved, he said before the funds were released, the state government approved it in line with the law's guiding such move. The problem was inherited by the immediate past administration and also inherited by this administration. It has to do with an error in the enrollment into the contributory pension scheme. And for this shortcoming, we found ourselves owing their rights from 2016 to date. And it's been a problem at the immediate cost of this facility of 40 billion Naira out of the above 50 billion Naira that we are indebted to the pensioners. So it is exclusively in local government areas that are borrowing this money. You know, by law, you need the approver of His Excellency and you need the ratification of the House of Assembly. And that is what was sought for. And His Excellency, this present administration graciously granted this approver and facilitated the ratification of same by the House of Assembly. And to them, to the tune of about 51 billion Naira plus, out of 51 billion Naira, we are paying about 40 billion Naira. From that indication, substantial part of this accrued rise will be taken care of. And don't also forget that we are leveraging on the fact that the immediate pass administration on Senator Dr. Efei Okawa extended the retirement age of teachers with additional five years. It is this advantage we are taking. We hope that within this period will liquidate their indebtedness to them fully. And we hope there are those that we are shortchanged, will be paid the actual amount that they are indebted to. And those that are overpaid will be made to be refunded that amount and we will ensure that the actual amount will be paid. We hope to save some funds from this forensic audit. And we also re-inject this funds back into the payment of their accrued rights. And it should be noted that not dying out of this amount is going to the local government coffers. Not dying is going to the state government coffers. All of this sum will be paid directly to the pensioners. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.


My name is Eleonora Cunha, I work at ISDA and you've already heard from some of my colleagues today. Earlier we had the keynote panel. I see some of you in here right now who are participating in that. And so you've all probably heard about the common domain model, CDM, I will say CDM for now on. And that was sort of the intro, I guess, and the session we had just now in this Hub 4. We have some colleagues here as well still. They were all from the trade associations involved in the initiative. So what's interesting about this session is that now we get to hear from CDM implementers and market participants who have big plans for CDM. And I'm just as excited as you to hear these speakers tell us what CDM could look like in the real world, its potential and application in market infrastructure. So we begin with John Nance from Axoni. He runs product management for derivatives and they focus on the distributed ledger platform, Axcore, I believe. So John, over to you. I believe you have slides. Cool. So the things that I wanted to go through is try to give a number of you of our use case and how we're using CDM. And then also give you basically tips and tricks on how to get started essentially. So it will be a little more technical than the previous presentation. So hopefully that works. So just a background on Axoni, we're a capital markets technology company. We focus on distributed ledger software on our OTC derivatives product line, which I look after. A lot of the basically problems that we're trying to solve is reducing and eliminating reconciliation within post-trade processes. And if you look at a lot of the root causes of a lot of these reconciliation problems, one of the big ones is differing methods on how to process different events, as well as different methods on how you actually represent those events, which is really where CDM comes into play in trying to help to solve that problem. Of course, there's other reasons why you have different breaks in those C derivatives, such as lack of real-time transparency and differing data sources. Not as relevant for CDM, but just worth noting as well. The way that we're using CDM is essentially using it as a way to represent post-trade events within a standard event model. And by event here, we're really talking about basically representing economic state transitions of trades from one to the next. And one of the good things that the CDM does also provides a full lineage of each one of the state transitions. So there's no ambiguity in how a trade went from one state to the next, which is incredibly useful when multiple parties are trying to understand how a trade went throughout its life cycle in a consistent manner. As well as the other component of what we're using CDM is on standardizing how those events are actually processed, not only represented. A couple of the benefits that we find in it is consistency across asset classes, that sense of lineage. Of course, it's a standard and open source as you guys have heard today. The regulatory reporting, especially the DRR initiative that's just launched, has a large benefit in the center for firms to move to the CDM. And also technical flexibility. You know, CDM is a model, but it can be represented in a number of different software languages like Java and Scala, as well as a number of different ways to serialize those events. So JSON, Avril, Protobuf, they're all kind of applicable ways of representing the CDM when it's serialized. So the ways that we are using CDM is I like to think of very workflow oriented. So I'd like to think of it in terms of a standard workflow of how we're using the CDM. So one is messaging coming in. I think one of the common misconceptions around CDM is that it's just another messaging format, a competitor of FPML when they're actually comparing apples and oranges when you look at the two. And a lot of that is because messaging in particular tends to represent instructions. So if you think about an allocation instruction, it doesn't actually represent how you would process that allocation. It really just represents an instruction to do the allocation. Those messages, there's a lot of different standards out there already. CDM isn't really trying to tackle that, so fixed in FPML and other types of messaging formats still apply here. Where the CDM comes into play is in that processing angle. Of course, every application has a lot of different custom application code and custom business logic that helps you differentiate yourselves from others. And so the way that we think about it is that custom application logic should really be built on top of the CDM. And where the CDM comes into play is when you actually want to transition the state of a trade from A to B. That is where you would use the CDM to represent them to process that sort of state transition. So you represent that in storage. So that's capturing that in a database. Also worth noting that CDM doesn't really define a database schema necessarily. It's really just the data model itself of those trades and events. We use Axcore to basically ensure that other customers of ours are 100% in sync on that data. So what Axcore allows you to do is to synchronize multiple data stores in real time in very high large volumes. And then also providing cryptographic guarantees that those two databases are 100% in sync. And what that means is that the data is complete and accurate. It's not necessarily a requirement to use Axcore CDM. It's just we find that it's incredibly beneficial for this particular use case. So once the data is distributed, then a client on the other side essentially needs to take in the CDM events and trigger different workflows internally or to consume that data. So that's receiving CDM events on the data store of choice. So for us we support Kafka as well as different databases, essentially any sort of relational database. And then as a client is trying to internalize that data, you can then use the CDM libraries to already have the events and the trades already modeled for you. And then it's just a matter of trying to make sense of those different events depending on what you're trying to do with those types of... data. As far as how to get started, we like to think of things in sort of two different roles. One is, my color scheme got messed up here, one is event producers and the other is event consumers. So event producers think of this as vendors or just if you're using CDM internally, it could just be upstream app that you're using to represent CDM events. And then you have these event consumers that are trying to consume those events and really make sense of it.  Or if it's for an upstream app, this could be a downstream app that's trying to make sense of those different events. So from an event producer perspective, if you want to get started, I'd say first look at what are the different events that are applicable. As I mentioned, this is about representing state trends. The way we use this is representing state transitions of trades. Lots of different events that you have in your own systems that don't represent that. CDM is not applicable for that. But where it really matters is on those trade life cycle events. There's a couple other use cases that were mentioned in the previous panel. So one is coming up with an inventory of which of those events are applicable. And the best way to actually represent these in CDM is using the CDM functions themselves. CDM functions are... I like to think of it as sort of like a helper function to make sure that you can create those CDM events and you're not going to mess it up. If you try to just map it field by field, it's going to be a little bit challenging. But those functions, it is very robust, very well built out and allows you to keep up to date with different changes that the CDM has. So basically it's mapping those different events into those CDM functions. The best one that we use is create business event where you essentially plug in what's the current trade state that you are altering the trade for and then also listing out a bunch of different primitive instructions. And primitive instructions, think of it as like a building blocks of these smaller modular, as the name denotes, primitives. So I think that one of the primitives is quantity change and other is contract formation or you have split. And so these are sort of the smaller building blocks that you can mix and match together in order to represent really any sort of post-trade event using these libraries. So combining all those different primitive events together within this function as well as the intent and date allows you to represent those functions. But you can also use them in an ideal case to not only represent it but also to ensure that if that is the way that you're actually altering the state of a trade within your own system, then to make sure that you are 100% in line, that the way that you represent it and process it is 100% in line with anybody else who wants to consume data from you. From a consumer perspective, this is where you would have somebody who is receiving those CDM events. And it kind of depends on how you have modeled out your consumer app. If you're completely CDM native, then it's sort of easy to plug in. But a lot of times people are trying to really map the CDM events into your internal events and into your own internal models until you move towards a more native CDM solution. So one of the other tools to worth noting is things like Legend. It's also another FINDOS open source project that allows you to essentially map different data models together. That's very applicable in the case of CDM where you want to map, say, a CDM event and how it represents different events into events that you may have represented internally. But you can also use different CDM events for other downstream processing. So that could be the DRR for reporting purposes. Or if you're trying to just create a CDM repository internally, one of the big benefits of how the CDM events are constructed is essentially if you were to take those events and apply them using those CDM libraries one after the next, you can from scratch build up the entire current state of the ledger using all these events and just reapplying all those different functions. So there's a lot of flexibility in what you can do with it. Just a really short summary on how we view the CDM and how we're using it. One of the reasons why I wanted to come up here is to give people a little better idea of how you could potentially use it. The number one thing that we want to help to prioritize in terms of the CDM is making sure that people understand it and ultimately adopt it. It's a lot more successful if it has a lot more widespread adoption so we can achieve ultimately this goal of getting rid of our conciliations due to different methods of processing and different representations of processing data. Thank you, John. Do you want me to turn this off? Okay, yeah, so next we will hear from Diana Boyle from Symbiont where she's a business development and sales executive. And that's also in the DLT space, I believe, and they have a blockchain platform assembly. So, looking forward to hearing from you now, Diane. And thank you, Walter, for making time to come in and hear about this common domain model and these are one of the real-life applications again. I'm going to give you a little bit of a history lesson, but I also want to take you through the application of real-life production. As you're all aware, over the last decades, financial services has made tremendous strides in adapting new technologies. Introduction of the fax machine, and by the way, I want to let Amy know that I am fully in support of the fax slogan that ISDA has adopted. We're all still working on it, but it's still out there. But the introduction of the fax, the ATM machine, the STH payments, the wires, SWIT messaging protocols, all of these things that you're very familiar with. Of course, the internet and the cloud have contributed to impressive improvements in the speed and the efficiency of which we supply services to our clients. You can walk into any branch today and make a deposit and have that cash sent virtually anywhere in the world, immediately to a family member or a customer or a friend. Firms trade are not currencies. Counter parties they normally would have no interaction with because they need currencies for their clients to run businesses which serve as the means of non-manageable firms and governments. All of these household technological and process efficiency advantages did come, however, with some issues. Every company that pulled away from our school, any of the new technologies and processes developed their own standards for how these things had to work. If you think about going into an ATM machine several years ago, depending on which machine you went to, there was an information policy.  They have perhaps your balance. There's actual transaction information. They're talking about what you just did in the machine. But that's not always the case. It's more some of the new technologies that are rolling out. So if you take a step back, the industry created efficiencies on the front-end where they caught it. But they often created downstream, that's a challenge for me. Excellent. We like to start early on. So if you take a step back, the industry created some efficiencies on the front-end but often created this whole downstream problem requiring manual reconciliation between parties, sometimes even between different divisions in the front-end. Or third-party entity had to be created to act as an arbiter or authority to have the final say in what actually just transpired in that commercial event. So in order to recapture desired efficiencies, firms on governments then started to form organizations. To look across all the activities performed and the different transaction types. These organizations all made up of really smart and intelligent people like the folks in this room then began to work to identify the most efficient or the best right for business to take place. Firms were then either mandated through regulation or persuaded through actual cost savings to alter their behavior. You've all worked in one way or another with those organizations. SWIFT, the Standard Markets Practice Group. NAMCHA, the International Organization of Standardization. The accredited Standard Committee, XP9. In addition to IGMA, ISLA, ISDA, etc. Each of your firms or multiple organizations, whether it's through membership, which is again another cost, or through resources, you've dedicated your time and talent to things like these things. I actually co-chaired the digital assets forum with another group called the SINSE. So there's a lot of these folks around and a lot of activity around to recapture the efficiencies that were perpetually intended. What's happened now after these improvements or standards are identified? Is that better? Okay. Sorry about that. I'm not going to go back and repeat everything. That's okay. I'm going to have to drill with two hands here though. So again, what each firm has had to do now is to, what we refer to as retrofit. So they have to take standards that are developed and completely make sense. But now they have to try and cram legacy technology, legacy processes in order to change to accommodate the standards that have been created. So this back-end approach while it's been very helpful is not really solving the problem. So now blockchain has arrived. An elegant technology which allows us to put our trust and faith in a mathematical framework that ensures that we can create a definition, or rather if we can create a definition, we can enshrine it and cope. And that ensures that transactions are processed for clients and counterparties exactly the same way every single time. That results in reconciliation and errors now being banished to the trash heap. We all really are very thrilled about it. At Sambient, we want to build a better future. At the request of our clients, we're building applications on this new technology of trust that allows for the incorporation of standards at the start of the transaction lifecycle as opposed to at the end when it's really almost too late to prevent errors and reconciliations. We want to go through the entire transaction lifecycle to reap the benefits of the efficiency throughout every single activity. We've actually coined a word for it and I'm hoping to trademark it. We call it pre-conciliation. So if we do it up front, we don't have to do it at the end. And that's very important for us and it ensures that the full speed and properties of well-designed applications truly allow for frictionless processes. So now a little bit about our smart collateral application. We embrace ISDA's CDM as an integral building block. It allows for enormous efficiency. Smart collateral is a post-trade application. It allows for inter-day trade and collateral valuation and collateral movements and instructs the custodian or the dealer bank to make the collateral movements to support those trades. Smart collateral solves for two very large business cases, the mitigation of counterparty credit risk by frequently performing valuations outlined in the party's CSAs and transferring the required collateral and the elimination of collateral disputes that occur in today's processes. And Amy can go on and on and on about all the work that's been done to try and mitigate that. We've actually done it with this application, smart collateral. It was designed to the specifications of market participants. It's in parallel production as we speak with billions and supporting collateral currently active. Additional funds, currencies, counterparties, and custodians will all be brought onto the platform in a highly controlled manner. And the application will expand beyond what we're doing with FX4 at the moment to include other instruments and asset classes beginning in 2023. So this is real and this is required by the industry that we have some sort of a framework in order to allow for the efficient processing. And that's really where CDM comes. None of this would be possible without that. The sheer volume of activity supported by the application requires that definitions and models are highly transparent and implemented in the same manner across the application. The common domain model ensures that the application for the industry, costly reconciliations and margin disputes are eliminated. Additionally, return of collateral, another bane of everyone in the trading world's existence, can be automated in the same timely manner, which eliminates the need to fax, again the word fax, requests, a very costly and also a very risky endeavor. This CDM allows for interoperability across networks and straight through processing firms and platforms, eliminating the need for reconciliation caused by differences in how each firm records every single aspect of the regulatory oversight through transparency and alignment between regulators and market participants from the inception of transactions. It enables consistency in regulatory reporting by providing a standard representation and by automating reporting requirements through code. Consideration strongly suggests that access to note. This will provide immediate access for compliance and regulatory purposes while reducing your costs and processes associated with multiple reporting requirements, whether they're internal or for any external regulator. From a simulant perspective, we're implementing select components of ISDA CDM to standardize the use of trade data on our smart collateral product. It will provide an easier path to integration of ourselves and our clients by providing a machine-readable standard format of trade data processing that reduces the operationally taxing, reconciliations of that word again, and data entry. Symbiote is first initiating initial margin, variation margin, and the eligibility modules to better assist our smart collateral application with the population and standardization of client trade data that is used in the application. The integration of ISDA CDM is currently scheduled for quarter one of 2023. The Symbian and ISDA teams are hard at work at the moment, hoping to complete all the planning before year end and move to active integration shortly after code freezes are lifted in the beginning of 2023. After the successful completion of the ISDA CDM body of work, the roadmap is being expanded to include integration with ISDA CREATE. And earlier we mentioned the importance of getting documentation in almost a machine-readable format. All clauses and terms within the documentation interpreted exactly the same way enshrined in code. That's really important to us. And after that, we're going to expand to include the issuance of digital debt with expanded CDM integration as well. So we're issuing some digital commercial paper and we're also doing some digital bonds that will be built on CDM as well. We want to, as I started off, we want to really build this right from the beginning so that as information comes into our application and is proliferated across the industry and counter parties, it's all interpreted the same way, completely eliminating reconciliations and errors. So we're really excited about it. And we're in the process of building a better future and we really invite you to join us in the CDM adventure and come along for the ride. Thanks very much. Thank you, Diane. It's interesting to hear all the directions this can go in. Finally, we will hear from Sunil, who is head of business architecture at Credit Suisse in the Group Payment Service. And you're also a very active contributor of CDM since the very beginning. So do you want us to appear as well? Either way, it's fine. Does this work? As Ian has kindly mentioned in the previous session, I'm one of the founding contributors of CDM. So if you don't like it, you can blame me for it, among others. And it is great to see the culmination of CDM across the three trade associations today and it being open source with Finos. It's been a long journey. We started in 2017 and I really thank Jane and Ian for nudging me in this session today and giving me opportunity to share some thoughts. So I had like literally probably 24 hours to prepare my talking points so I don't have slides, I don't have materials. But I thought it may be a good idea to reflect a little bit on the journey thus far. As I said, we launched the model at the AGM in Lisbon in 2017. There were very mixed reactions, Ian, at that time that it was too late. I have a minute. Oh, okay. That would be interesting. Yeah, I'll just go for it. So it was launched at the AGM and there was a mixed reaction. As I said, that do we need this? It is too late. We have completed red reporting. Why do we need this, et cetera? If we just look back from that point in time, there are several fuss in the industry that we have achieved in the last five years. Before we look towards what is remaining to do and where we need to focus, et cetera. The first thing is that Isda embraced it as the path towards the digital transformation of derivatives. That's a big step. The second thing is we realize that the time to market is critical. So we got Regnosis to implement the model. I think we issued the RFP towards the end of 2017. Regnosis was picked and we had the model out in six months. That's a huge accomplishment and Regnosis really stepped up to that. We also wanted to have a validation of the model because anybody we spoke to did not quite understand the model. And I really am happy, John, you have distinguished that it's not a data model. It is a state transition machine and it's a processing standard. So it encapsulates, obviously it encapsulates the data model that we have in FPML or other standards, but it is much more than that. So we, as like the founding members of the standard, we were very concerned that is this going to work? That was a big question. So for that, what we did was that why don't we actually organize a hackathon and we work with the DLT providers. We work with the FMIs and we had like about 300 participants and the overwhelming response has been that the model is sound, the design of the model is sound. Axoni digital asset R3, they have actually mapped the model into their internal structures and they have validated it. And the second feedback from that event was that we make the model open source because if we have to promote the adoption of the model that it cannot be tied to any particular commercial entity. The third feedback from that session was that it works fantastic for derivatives. Can we try it for other product classes, other asset classes? So we started then expanding into repos and securities and which kind of all brings it together to today where the three associations have come together and we have open sourced it and it is available for any of you to use. The second part of my comments is in terms of why bother with the model, right? When we started this, we actually started in the reporting space. A couple of us who have been living through the Dodd-Frank Act and then the method and all the regulatory rules and the discussions that we had to have with the regulators in terms of parsing the content of the rules and trying to identify how does that actually fit into our internal models. So one of the objectives was to create a practitioner's view of what exactly do we do? What do we mean by trade processing? You took an example of I think resets. So if you take an activity like reset, can you decompose that into primitive events and can everybody agree on the rules associated with that particular step? And can you then start building them as Lego blocks to model complex workflows? So in doing that, the practical use cases where you can start applying these are obviously the first one is that wherever you have a centralization, a data centralization and a processing centralization. So for instance, clearing is a perfect example that if you apply the model, you have a localized effect for that particular product class, which is that all the participants in that network are agreeing on the steps that need to be performed. And there is a single source of truth. So whether you put that single source of truth on a DLT platform, which the model actually has several hooks to connect to, and it is fairly optimized for a DLT platform, but you can equally do that on a Oracle database or any other format where you where you save the data. So the second aspect then is to say that if you have multiple trade utilities like that, let's say that you have clearing, you have settlement, all of that within a product class. Then as a consumer of those utilities, you do not want to keep on translating, which is what we do all day long within our firms that I have to connect to. I won't take any names because I'll get in trouble. I have to connect to market utility a and they provide a format a I have to then connect to market utility be anybody who has worked in post trade would see that this is this is the bane of our existence. The third problem is that we reconcile the information across the participants all day long. So what CDM gives you is that authoritative version of truth. The second thing is that it models all of the processing steps. And by having derivatives repose and securities, you can actually cut across the product classes. That is a huge win for any large organization on the consumption side of the model to say that I don't want to keep investing. I'm being told to stop. Okay, so people can leave if they want. I'll continue. Yeah, I have like couple of more minutes. So if you can stick around. So on the consumption side, what you can do is that you have a normalized view across all of the market utilities in the in a particular asset class front to back and across asset classes. From a provider perspective, what it helps is that if you want to launch your product, particularly for a fintech company, you don't want to like customize to 100 different data definitions and process definitions. This would give a standardized way to say that, hey, can you adopt to CDM? I have a standardized way and it actually connects into the rest of your architecture within within your firm. So that's one huge benefit which we have pursued with the DLT providers also with the FMIs. There are real use cases. Again, I cannot name them, but from from both the derivative side security side, there are trade processing use cases where CDM is actually being used in a native format for that. The second example is actually in the origin of CDM is the digital regulatory reporting that has been mentioned few times here. What you get is three benefits in encoding the regulatory rules in CDM. The first one is that we have a common language to talk with the regulators and we have actually done pilots with Bank of England, maybe the FCA. I forget in terms of actually encoding the rules into CDM as the starting point. The second aspect you get is that the data definitions of what needs to be reported are all structured in CDM. So the DRR project, for instance, on the CFTC rewrite or refit, I forget, rewrite. We are at 90% upwards of 90% completion on the mapping 100%. I'm one year old. And the third aspect which is a bit more complex is that we can also encode the eligibility rules. That's a tougher problem to solve. We are getting there, but we are focused on the data definition side of it. MR refit, we are at 65%. Now, if you look at CFTC rewrite and MR refit and compare them both, there is about 60 to 70% overlap between the two of them. So by encoding at CDM, at the very least, you are getting a standard representation of the rules and what you need to report. The third aspect which given my foray into payments now is the last step of CDM, at least conceptually in my mind, is to get the payment representation also into CDM, particularly connecting with the ISO 20 or 22 initiative on the data definition side of it and plug the payments events into the transaction events. So at the end of the day, what the model gives you in summary is a transaction view, economic data, legal data and the processing events all consolidated, all of which have been validated over the last three to five years and we have practical use cases. So if there is one takeaway when you leave this room, it is that if you have a market utility project that comes and says connect to my market utility, you should say, do you support CDM or not? If you are investing a dollar in reporting, you have to question. You have to question what do I already get out of the box from CDM and do I want to spend this dollar on my internal reporting platform. These two combined with the collateral use cases, combined with the journey on the legal documentation. The onus is really on the industry participants now to pick this up and take it forward. The model is there, the structure is there and we have like real use cases in use in the industry. Okay, that's a rapid fire. Thank you, Sunil.