Brian Bedell

what kind of progress you're seeing in the DOL and for planned sponsors in terms of their appetite to adopt alternative products

are you seeing any near-term traction from plan sponsors in thinking about adding privates to their portfolios?

some perspective on sort of the road map of new initiatives within this since Investor Day and maybe focusing on the trading of private credit

in terms of time line, I think typically, it takes -- you kind of say it's like 1 to 2 years

could you talk about what market you are targeting and the different product types

One is just on your views on credit quality in direct lending

What is your, I guess, desire or your plans to potentially integrate private and public products?

How do you how are you positioned from that dynamic within these regions?

Focusing on the cost reduction element as we've, you know, we have another fifty percent to migrate

are the efficiencies and the cross-sell and if I can throw AI in there as well, are these contributions exceeding your expectations

does this assume generally flat markets? I guess that would be in line with your uncertainty commentary

I think, Dermot, you mentioned -- and maybe I missed this, you said you had a revenue guide

to start with net interest revenue and appreciate all the commentary you made, Dermot, on the factors on that

As you grow organic base fee growth faster, do you see a better ability to scale that over time?

do you envision having this be BlackRock, Inc. centric digital wallets or rather participate in the broader intermediated ecosystem

you're continuing to see strong organic growth in the fixed income, iShares franchise

talk a little bit about your confidence, clearly, you have a lot of ways to go into the retail on the Alts side

what you're hearing from financial advisers, and sort of the composition of the clients that are asking for redemption requests

looking at base management fee growth of probably 11%-ish or similar in '26 to '25, again, just because the ramp is happening in the back half. But as we get into '27, does that portend an inflecti...

Are you seeing banks become more competitive in the direct lending business, how is that impacting spreads?

do you see any friction in the system as a result of some of the tariff back and forth and maybe if you can comment on that situation in both Europe and Asia

just wondering what your outlook for the FRE margin might be in '25, even just not even considering fee-related performance revenue

How do you envision this industry playing out over the long term and how Cboe would participate in that?

the second-quarter launch for the just to clarify, that's for the binary options, I believe

should we be thinking of the future global footprint for Cboe as largely being U.S. and European centric?

Maybe just to focus in on the retail strategy and JJ's game plan for -- maybe just sort of expand more on how you might be doing this differently

your perspective on how the securities exchange industry has evolved and how you think it might evolve in the future?

just trying to get a sense of the conservatism in that considering you know, the potential for organically growing your products

if you could just talk about the April collateral balances that you're seeing so far

What is your view on potentially creating company KPI types of contracts, like financial KPI contracts

Can you talk about conversations that you are having with other distribution partners?

is this cleared in a club fashion? And in the -- with the FCM that you're cooperating here with FanDuel, just to clarify, would this then be open to all other retail platforms

Can you just talk about the recent take-up? You said 90,000 customers -- new traders. How you're measuring that?

can you comment on to what extent retail users may use other contracts that's outside of micro, like how good of a proxy is micro for retail?

to what extent is this designed for basis trading between treasuries and futures?

the simple question is, aren't they all coming in from retail-oriented FCMs, or where is there a mix that you can't tell?

If you can go through the rates coming into 1Q on the cash collateral? And is there -- has there already been any change with the new program coming into this year?

can you cite like what portion of your revenue you think is coming from that retail or pro-retail? Or is that too difficult to assess?

how are you seeing the customer mix evolve from those new deposits

what is your appetite for launching contracts in fundamentals, so things like on KPIs and other earnings metrics

how the customer behavior has been forming just in the last 2 months. We've seen a big increase in volume, obviously, in September with the NFL and college games added

I think you mentioned, Vlad, there are at least a couple of businesses now in the $50 million range. If you could just elaborate

can you talk about what you're seeing from active traders coming into the complex and the usage on Legend?

How should we think about how that is pacing in terms of a growth rate?

FIDS overall recurring revenue going up 5%, 6%, 7%, 8% and now 9% on a year-over-year basis the last 5 quarters

was that the whole segment? Or was that just for recurring? I know you did mention the seasonality in transaction fees

do you think those ratios that relationship is a good run rate to be modeling for the rest of the year?

Can you talk about the institutional usage versus the retail usage

I just wanted to clarify if that $3.2 billion is the right number to start with, given the isolated impacts that you mentioned

are you seeing actual traction building here this coming year?

On the India sale, is there a segmentation of where that $15 billion is coming out of in the categories?

is that moving more into the ETF and index bucket? Or should we think about this over the long term as propelling growth in that ETF and index bucket?

Maybe if you can talk about how you view your position there? What is your strategy?

the licensing expense to NASDAQ and the administrative to Bank of New York. Do those -- just to clarify, do those both go into the third-party distribution and servicing expense line?

can you talk a little about the economic participation for Invesco Ltd.?

are you seeing any substantial differences within those local regions, given all of the tariff negotiations

just your view on the comps revenue ratio that’s within your 1% guide under flat markets

how are you thinking about the active ETF line up? Your ETF business has been growing. How do you think about what to transition to have an active tag along it product

Just wanted to get your confidence on that $7 between those components and then a couple of cleanups just on catch-up fees in the fourth quarter and timing for the Arctos close

as you think about expanding the overall ROE past the 20% on the fee side, can you talk about that -- the expansion within the Capital Markets business

is there anything else unusual in terms of like catch-up fees or anything else?

do you see any kind of ceiling in that, it was basically the view of investing more

can you also talk about the potential impact across your fintech platform as the clients increasingly need to respond to always on

should we think of potentially an acceleration of RegTech and cap markets revenue growth higher towards the higher end of those ranges or at least acceleration on a full-year basis in '26 versus '25

Do you see the emergence of your AI solutions helping to advance that faster? And then if you can just remind us where you are currently on that revenue synergy target

does this imply you'd be higher within that range given the strength in the second quarter

to what extent your global business and the global nature of Acxiom is maybe potentially offsetting some of those headwinds

They look very strong in the fourth quarter versus the 2024 trend -- quarterly trends and also versus the third quarter

can you strip out the allocation between those 2 segments? And I guess what I'm getting at is, excluding GFO, what do you really see as the current penetration

Can you comment about like how that's enhancing the ability for client delivery and relationship management

to the extent NII oscillates around that target range, let's say, if it's lower, are you still keeping a target

How are you envisioning that over the next year, one to two years in longer-term product

Any color around -- first on the NNA, we've seen the adviser side grow faster than the retail side

if the contracts were to develop in more broadly in fundamental investing and other economic types of contracts, is that something you would be interested in launching on the platform?

Any color on the revenue and expense components of that? Obviously, things are trending much better than initially expected

if you can talk about your confidence in being within that 5% to 7% organic growth band for the full -- on an annualized basis

do you think you can get back to that 5% level at some point this year

On the concept of tokenization of equities and ETPs and other assets, how are you thinking about that longer term?

The housekeeping is just the -- your assumptions on market returns for the second half that underpin the 5% to 7% guide

what is the interest of doing any sort of more aggressive deposit raising? How do you think about that?

what's your view of 401(k) plans, potentially adopting alternative products? Would you be positioned to offer those?

some updated thoughts, Rob, on this? I know you spoke about this on the first quarter call but we've had some obviously additional information since then