For example, they are about the same size as the volumes currently underpinning the daily computation of the € and they amount to about 30% of the size of the current daily turnover in the secured money market. Yet, the impact on the € as you know, has been very limited. You can see this on the left-hand side of my next slide.
Our analysis shows that this stability is not primarily the result of the statistical trimming procedure that is applied to the € and that could potentially treat transactions at higher rates as outliers. It is rather a reflection of the remaining impediments to cross-border trading in the unsecured segment.