The European Commission will, within days, I guess, make new proposals when it comes to derivatives and to clearing houses, with an objective to ensure the safety and soundness of clearing across the EU when the UK leaves.
So far, we’ve been able to ensure the safety and soundness of euro-denominated clearing through 3/5  BIS central bankers' speeches  very robust arrangements that we have with the Bank of England and with the CCPs located in London, and that works very well. The basis for the arrangements will fall in 2019, when the UK leaves, and so we need an alternative.