Q1 Trading Update
01 May 2025

  1. CEO comment
  2. Highlights
  3. Conference call

David Schwimmer, CEO said:

“We have started the year strongly, delivering another quarter of good growth. Our Data & Analytics business accelerated further, and Risk Intelligence and FTSE Russell continued to perform well. Our Markets division saw strong broad-based growth against a backdrop of elevated volatility, which has persisted into April reflecting continuing uncertainty around the outlook for financial markets and the global economy more broadly.

“We continue to drive the strategic transformation of our business – building a strong product pipeline, investing in our engineering talent and delivering on the Microsoft partnership.

“Our strong first quarter performance is testament to the value of our diversified business model. We look forward to further progress in the rest of the year, consistent with our financial targets.”

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Q1 2025 highlights

Note: (All growth rates on an organic constant currency basis unless otherwise stated)

  • Strong growth: Total income (excl. recoveries) +8.7% incl. M&A, +7.8% organic.
  • Good performance from all divisions: Data & Analytics +5.1%, FTSE Russell +9.6%, Risk Intelligence +10.7%, Markets +10.7%.
  • Acceleration in Data & Analytics: sequential improvement in growth led by Analytics and Data & Feeds.
  • Broad-based strength in Markets: double-digit growth across FX, Tradeweb and OTC Derivatives; elevated activity continuing into April.
  • Shareholder returns: £245 million of £500 million share buyback completed by 30 April.
  • Confident of continued growth and improving profitability: on track to deliver on all financial guidance issued in February’s FY 2024 results.

This release contains revenues, cost of sales and key performance indicators (KPIs) for the three months ended 31 March 2025 (Q1). Certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. To reflect underlying performance, all constant currency variances compare the current and prior period at consistent exchange rates. Organic variance is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and including acquisitions from the date of acquisition with a comparable adjustment to the prior year.

Q1 2025 conference call replay

LSEG hosted a conference call for its Q1 Trading Update for analysts and investors on 1st May 2025. On the call were David Schwimmer (Chief Executive Officer) and Michel-Alain Proch (Chief Financial Officer). Listen to a replay of the conference call below.

- [Operator] Good morning, and welcometo the Investor and Analyst callfor LSEG's First Quarter 2025 Trading Update.At this time, all participants are in listen-only mode.Later, we will conduct a Questionand Answer session through the phone linesand instructions will follow at that time.I would like to remind all participantsthat this call is being recorded.I will now hand over to Peregrine Riviere,Head of Investor Relations to open the presentation.Please, go ahead.- [Peregrine Riviere] Thanks, good morning, everyone,and welcome to LSEG's First Quarter Update.I'm here with David and MAP.MAP will make some brief opening remarkson our Q1 performance, and then we'll open upto questions on the conference call line.So let me hand over to him right now.- [MAP] Thanks, Peregrine,and good morning, everyone.Glad to be with you today.And we have started the year well with total income growthof 8.7% on a constant currency basis.This includes 90 basis points of M&A benefit,mainly from the ICD acquisition within Tradeweb.That leaves organic growth of 7.8%and I will actually refer to this metricthrough the rest of my comments.Our subscription businesses all performed wellwith D&A showing continued slight accelerationwhile our market businesses capturethe upside of higher volumes.So this good all-around performance shows the strengthsof our diversified all-weather model.Turning first to dataand analytics, organic growth was 5.1%,a slight acceleration from the previous quarter, 4.8%.All three businesses performed well.Workflows revenue was up 3.4%with commodities an areaof particular strength in the quarter.We continue to enhance the platformwith a very strong pipelineof new features in the months ahead.We are closely supporting customerson the final Eikon migrationand we are on track to sunset Eikon at the end of June.In Data and Feeds,growth of 6.6% was a little ahead of the Q4 ratewith both Real-Time and PRS performing well.We continued to add new low-latency feeds and cloud solutionand we saw good demandfor fixed-income corporate action dataand our expanded evaluated pricing offering.And in Analytics we showed strong acceleration to 7.4%,driven by demand for Yield Book and Lipper.And enhanced by the good take-up of our analytics API,one of the first products we've built with Microsoft.Product development with Microsoft continuesto make good progress with a numberof significant launches in the second half of 2025,including open directory.Finally, a couple of weeks ago, we were delightedto announce the co-heads of D&A.We have hired Gianluca Biagini from S&P,bringing over 25 yearsof financial information industry experience with him,and he will be joined by Ron Leffertswho moves over from his role running salesand account management.They bring together highly complementary skillsand track records.Turning now to FTSE Russell, our indexand benchmark business.Overall organic growth was 9.6%,very similar to the growth rate seen through 2024.Subscription growth was 8.2% reflecting ongoing demandfor flagship equity indices and benchmarks.Asset-based revenue was up 12.5% supported by good inflowsand higher-average market values.The decline in US Markets over the past weeks as wellas flows from the US fund into Global funds will likely leadto a slightly lower contributionto growth from asset-base fees in the coming quarters.Risk Intelligence continued to grow double-digit at 10.7%World-Check maintained its strong momentumand our digital identityand fraud business also performed well.Now a word on ASV, which encompasses allof the subscription businessof the three division I just covered.ASV growth to 6.4% at the end of Q1.A small increase from the end of Q4.Within this, D&A has improved strongly year on year,reflecting the good progress we've made with new productsand displacement.FTSE Russell and Risk Intelligence are showingslightly slower ASV growth than a year ago.We just reflect some normalization of the growth rates.Moving on to our new Markets division,which combined the previous Capital Marketsand Post-Trade division.This reflects both their management under Daniel Maguire,and also how customers think about their own businesses.Growth in Q1 was 10.7%,a slight improvement on Q4and a continuation of the double-digit growthover the last four quarters.Tradeweb started the year well, combining strong executionwith favorable market conditions.The business continuedto grow its shares in rates and credit.Fixed Income growth overall was 17.3%ICD acquired in August last year is performing very welland the integration is progressing as planned.Equities growth was 3.1%.We saw strong volume-driven growth in secondary markets,although this was partly offset by subdued primaryrevenue growth.FX achieved a third consecutive quarterof double-digit growth at 12.3%,mainly reflecting a very active market.We have continued to see strong trading volumes acrossall asset classes throughout April.Moving on to our post-trade businesses.Performance here, continues to be very strong consideringthe headwinds of the Euronext exit,which will last through Augustof this year with an impact of around 30 million pounds.OTC derivatives was up 16.8%,reflecting elevated financial market volatilityin the period and greater uncertaintyover the global outlook for interest rates.Swap, FX, and CDS all performed well.Securities and reporting was down 9.8%with continued good growth in fixed-income clearingthrough repo clear more than offset by Euronext exit.As expected, this also affectedthe net treasury income line,which was down 6.3%.Collateral levels roles in March,given the greater levels of risk in the marketbut have subsequently fallen back again.And I will end my opening remarks on capital allocationand our balance sheet.As you know, we announced the buybackwith our full-year result in February,and as of last night, we have completed 245 millionof the 500 Million Pound Program at an average priceof 110 pounds and 31 pence.We also undertook another tender of our 2031 Bond,buying back a further $250 million in a repeatof our December tender in another NPV-positive transaction.So all in all, it has been another good quarterand we have started the year well.The combination of attractive growthand in our subscription businessesand the market exposurein our high-quality market infrastructure platform iscontinuing to deliver positive results.The rate of investmentand innovation remains high, ensuring a strong pipelineof new services in the months and years ahead.And we are reconfirmingall our financial guidance demonstrating the resilienceof our all-weather model in the faceof an uncertain outlook.And so, now we are happy to take your questions. Peregrine?- [Peregrine Riviere] Thank you, MAP.Operator, please, would you open the lineto questions. Again,please can you limit yourselvesto one question and a follow-up?Thank you.- [Operator] Thank you, we will now begin the Questionand Answer session and if you have dialled inand would like to ask a question,please press star-one on your telephone keypadto raise your hand and join the queue.If you would like to withdraw your questions,simply press star-one again,and your first question comes from the lineof Arnaud Giblat from BNP Paribas Exane, please, go ahead.- [Arnaud Giblat] Yeah, good morning.I've got my question follow-upon the FTSE Russell division, please.I was wondering if you could give us a bit more coloron the drivers behind the subscription growthat FTSE Russell, you mentionedthe flagship equity products doing particularly well,but I was just wondering if you could split out the growthfor me in terms of maybe new products, new clients, pricing.I mean a bit more color there could be helpful.And my second question ison the asset-based part of the business.Historically, you had a bit less, you weren't as sensitiveto a growth in AUM,you'd have less pass-through in terms of revenue growthand that seems to have changed.I was just wondering what's happening.Is this a dilution of Vanguard contractsor you having more AUM there or better price?A bit more color there could help as well, thank you.- [MAP] Hi, maybe I take the first partof the question on the growthand David will answeron the second part of your question.So I mean, the main message hereon FTSE Russell is that we really seea solid performance both in subscription and in AUMand in regards to the contributionof price to growth,actually, it has not substantially changedand it's very similar to the rest of D&A.And as far as the different product are concernedto give you some color,we really had an increasing usageof our flagship equity indexes, benchmarkand products, particularly global equity index series,as well as a very strong demandfor our multi-asset offering across the board.David, you want to give more color?- [David Schwimmer] Sure.Arnault, morning, on your second question.You're absolutely right that we do have collar structureson some of our relationships with respect to FTSE Russelljust so happens that in the context of the flowsthat we've seen over the past quarter or so,we have exposure in some areaswhere we don't have those kinds of collars in place.And so we're just being transparent around that.But again, you're right about the broader picture.We do have collars on a number of the different products,so we tend to see muted performance on boththe upside and the downside.- [Arnaud Giblat] That's helpful, thank you very much.- [David Schwimmer] Sure.- [Operator] Your next question is from the lineof Russell Quelch from Redburn Atlantic.Your line is open.- [Russell Quelch] Yeah, good morning, MAPand David, thanks for having us on the call.I want to ask a question on the ASV growth.So now we've fully lapped the impact of Credit Suisseand the data access deal boththat came in the first quarter of last year.You'll have got the 70 basis points backin the ASV base in Q1.So the 10 basis points improvement we've seenin the quarter appears about 60 basis points shortall else being equal.So I was wondering why we're not seeing that coming back.Has there been a deterioration in growthin subscription revenue outlook across the businessto offset that?If you can unpack this as much as possible,that would be great around pricing retentionbecause I think it's key to people's outlookfor growth in the subscription businesses.Thanks.- [MAP] Hey, Russell, thank you for the question.So a couple of data points here.So ASV this quarter is 6.4,so about 10 BIPS more than Q4 2024.When you compare with Q1 2024 to a 6%and we explained at the timethat Credit Suisse was dragging it down by 30 bps.So you know when you take the 6% plus the 30 bps,that's 6.3.We're posting 6.4.So I mean, overall, I think, you know, we are in line there.And again, I'm just repeating what we've saidat previous calls, which is,I don't think you should be hanged on, you know,variation of ASV from one quarter to another.I think the most important thing is the trajectory.Now if you look at the, you know,at the dynamics of the ASV,what we have in there in this quarter is an accelerationof D&A, which is continuingon its trajectory and we have a normalization of FTSEand Risk Intelligenceand that's what makes the combination at 6.4%.- [Russell Quelch] Okay, thanks, MAP.- [Operator] Yeah, next question is from the lineof Hubert Lam, Bank of America, your line is open.- [Hubert Lam] Hi, good morning, thanksfor taking my questions.First one is on the sales cycle.I'm just wondering if you've seen any changesto the sales cycle, the sizes ofthe potential contracts or any delayed decision-makingjust given the macro uncertainty.Is this uncertainty delaying any potential wins theymay be getting?And that's the first question.I guess my follow-up question is on the Microsoft pipeline,I think, MAP, you briefly mentioned around open directory,Just wondering if the pipeline is still on track for mostof the products to be launched by year-end, particularly,around Workspace, thank you.- [David Schwimmer] Thanks, Hubert.So no real change that we're seeingin terms of the sales cycle,and again, I think pipeline looks good.So really nothing dramatic to report on there.In terms of Microsoft pipeline,we've got a lot going on this year.And MAP touched on some of this in his remarks,but we are continuingto build out the content sets in data as a service.We're adding some functionality in termsof the Excel add-in coming into Workspace,the interoperability with Workspace, more comingwith open directory back half of this year.You've seen some early impactfrom the new functionality in analytics.So as I said, a lot of activity,and we're excited to keep delivering.- Great, thank you. - Yep, thank you.- [Operator] Your next question is from the lineof Ben Bathurst of RBC.Please, go ahead.- [Ben Bathurst] Good morning, thanks for takingmy question.It's on the data analytics division.You've recently announced appointment of new co-heads there.Just wondered if you could shed some more lighton the thinking behind that decisionand perhaps how different you envisaged Ron's role beinggoing forwards in terms of involvement in the sales effortfor data and analytics, thank you.- [David Schwimmer] Sure, thanks, Ben.So data and analytics is a big division.We got a lot going on there,and as we looked at that, we thought it made senseto have a co-head structure with complimentary leaders.You all know Ron, you know, who's done a great job in termsof leading the sales function over the last few years.He obviously knows our customersand knows our product really well.(coughs) Excuse me.And then Gianluca has terrific experience in this industry,having worked for three of our big peers or competitorsand just a great level of expertise in the data space.So lots of complimentary skills, a good geographic mix.One will be based in Europe, one will be based in New York,and we think that that structure will work very, very well.We also have a good leadership cadre work beneath them.And again, the performance of this business,this division continues to go well.So I'm pleased with the construct that we have in place.- [Ben Bathurst] Thank you.- [David Schwimmer] Thank you.- [Operator] Your next question is from the lineof Enrico Bolzoni from JP Morgan.Please, go ahead- [Enrico Bolzoni] Morning, and thanksfor taking my questions.So one on Workflow, the sequential growth quarteror quarter in constant currency has stopped in Q1after three-quarters of marginal improvements sequentially.So I was wondering whether you could provide any color thereand whether you can confirm that this is the linethat we should see accelerating from later partof this year or perhaps early next year oncethe new products with Microsoft are launched.And alongside that,given the stability in growth quarter on quarter,can you give maybe some color on new client winsor competitor displacementthat may have occurred during the quarter?Thank you.- [David Schwimmer] Sure, thanks, Enrico.So first, I wouldn't get too hung upon quarter over quarter over quarter trajectories here.You know, with Workflows, this is a business segmentthat you will recall very well a few years ago wasbasically shrinking and there was a lot of skepticismabout this segment.And we said a few years ago that we would get it growingto low single-digit growth.I think the performance there has been consistently positiveand so, again, I wouldn't get too hung up over one-quarterwhere you see no change in termsof the quarter-over-quarter growth trajectory.As I just mentioned, we have a lotof new product coming in that area.Workspace is landing very welland lots of the additional featuresand functionality coming out overthe back half of this year.So we've continued to feel very goodabout how that is performing.I would say the last part of your question on displacement,we continue to see displacement.We do not win everything,but it's a very different business today comparedto what it was a few years ago where, you know,this was a market share donor for many, many yearsand now we are gaining share.So we continue to feel good about that as well.- Thank you. - Thank you.- [Operator] Your next question is from the lineof Bruce Hamilton of Morgan Stanley.Please, go ahead.- [Bruce Hamilton] Hi, morning, guys, thanksfor taking my question.That was useful color on the no change in the sales cycle,I just wanted to check on the dataas a service progress.Can you give a bit of an update on where we are in terms of,you know, sets migrating, how many, you know,clients are signed up, maybe you know how that sortof momentum is building as we move through next year.I think previously you said sort of critical mass in termsof data moving to the Cloud would be probably sometimein mid-2026, is that still kind of the case?Just came to get some more color on that, thanks.- [David Schwimmer] Yeah, that still holds, Bruce.You know, we're making good progressin terms of the migrations of the various data sets.We have the ESG data set up there.I think we're making progress on someof the fundamentals data sets, but you nailed it.Basically, if you are a customer using a numberof our different data sets, it's not ideal for youto be partially in the old worldand partially in the new world until, so it's more likelythat we'll have that critical mass in placebefore we see a lotof the customer activity in the new worldif I can put it that way.- [Bruce Hamilton] Great, thank you.- [David Schwimmer] Thank you.- [Operator] You have a question from Michael Wernerat UBS.Your line is open.- [Michael Werner] Thank you very much for the presentation,guys.A quick question on SwapAgent.Just wanna know if there was an updateas to the progress there within LCH,and, yeah, just wanted to, you know, if any informationwith regards to kind of revenue contributionor how you anticipate the trajectory of that contributionin the coming quarters would be helpful, thank you.- [David Schwimmer] Well, thanks, Michael.Nothing in particular around SwapAgentand it continues to do fineand we have seen good strong growth acrossthe different businesses in post-trade.You know, SwapAgent tends to get a lot of the focus,but we have seen good performance in Forex clear,we've seen good performance in CDS clearand SwapAgent as well.You know, it's not a clearing part of the businessbut it's a nice pieceof the post-trade solution's capability in the uncleared spaceand that also continues to do well.- [Michael Werner] Thank you.- [David Schwimmer] Thank you.- [Operator] Your next question is from the lineof Benjamin Goy of Deutsche Bank.Please, go ahead.- [Benjamin Goy] Yes, hi, good morning.In Workflows, you mentioned it was particularly strongin commodities, which is oneof your strong businesses historically.I was wondering, going forward with the product innovation,should we expect commodities and FX to outperformor do you expect a catch up in other businesses like equitiesor maybe wealth management or with you as wealth managers?Thank you.- [David Schwimmer] Thanks, Benjamin.So we have seen strong performance in commodities.We also saw pretty strong performancein a few other asset classes.It's hard to know exactly how that will play outover the coming quarters.I think it's really one of the strengths of our businessthat we don't have a particular concentrationor over-concentration of exposureto any particular asset classor to any particular customer segmentor to buy side or sell side.So I'm tempted to say that your guess is as goodas mine in terms of how the volatility will play outacross different asset classes in the coming quarters.But the strength of our model is that we havea broad diversified platformwhere we're serving customers across lotsof different asset classes, lots of different geographies,buy side, sell side, you know,that includes wealth management, that includes equities.So I think it's the strength of that diversificationthat is really an important part of our model.- Thank you. - Thank you.- [Operator] You have a question from Andrew Coombsat Citi, your line is open.- [Andrew Coombs] Yeah, a couple from me, please.One on the Markets revenues versus volumes,and then just a factual oneon the gain on the bond purchase.Let me start with the latterbecause it's kind of a very quick one.Can you just quantify the gainon the 250 million bond purchase in Marchand then on the revenue versus volumes, both on the equitiesand the OTC derivatives line on the equities line,the UK value traded is up 28% year on year.Obviously, the revenue growth is much more subdued,which you flag is due to lower primary,but perhaps you can just unpick that one a little bit.And then on the OTC derivatives,Notional traded up 14% on SwapClear,but the number of client trades is up 37%and yet the revenues are up 17 in that line.So again, anything you can unpack there would be helpful.Thank you.- [David Schwimmer] Sure, Andrew, maybe MAP will takethe bond question.- [MAP] Yeah, sure, so, Andrew, we executedas I was referring to, we executed a second bond buybackin this first quarterfor the same amount in NPV-positive transaction.It'll derive, you know,pretty much the same positive impacton net financial expense,but overall, it'll compensatethe increased interest cost coming from our debtbecause of the share buyback.So overall I think, you know, we'll havea slight positive I would say,but you know, one is kind of compensating the other.- [David Schwimmer] And let me unpack the question on kindof volumes on the equitiesand I'll go through this pretty high level,but, hopefully, this gets you there, Andrew.Equities volume growth about 28%,we have volume-based discountsfor a number of our customers.So if you include that then it's about a 16% growth there.Then there was a small one-time item in Q1 of 2024and then we had a modest price decline in Turquoise,which is in the same line.So you put all that in there, that gets youto about 8% growth quarter over quarter or year over year.And then the secondary trading revenue is roughly halfof that business.And as you all are very well aware, the primary market,the capital raising has been relatively subdued.So that gets you down to the 3% numbersthat, hopefully, that helps there.And then on the OTC derivatives, some sort of similar math,although slightly different dynamic as you mentioned,you know, client trades in SwapClear up 36.8%.But as you will recall with our members,they're on more of a fixed-fee model.And so, to go from that 36.8% down to the 16%or so is really how you get to that.Does that help?- [Andrew Coombs] Very helpful, thank you.- [David Schwimmer] Sure.- [Operator] Your next question is from the lineof Ian White of Autonomous Research, your line is open.- [Ian White] Morning, thanks for taking my questions.Just two from my side, please.Firstly, could you provide some detail around how signupsand usage of meeting prep have developedover the last few months?I think this was something that you highlightedwith the full-year updatethat this was something now people could sign upfor via Teams, if I remember correctly.And I was just trying to understand kindof how that has tracked so far.And secondly, just any thoughtson evolution in the sort of M&A dynamics.I'm seeing more pressure on the private equity industryin terms of ability to exit investments.And I wondered if that had created any newor different conversations for you in terms of lookingat bolt-on acquisitions.Thank you.- [David Schwimmer] Sure, thanks, Ian.So meeting prep, we've got it out there with our customers.It's really at the,what we call the minimum viable product phase,and we're looking at subsequent developments in thatand adding additional capabilities, additional featuresin that as we go forward.And then on the M&A dynamics,I would say, we continue to look at a lot.No change in terms of our capital allocation Policyand we continue to be very focused on what makes sensefor us in terms of strategic fitand really making sense from a strategic perspective,but also financially,what makes sense in terms of financial returns.To the extent that we are entering an environmentwhere sellers have more realistic value expectations,that would be a helpful thing for us.But I can't tell you at this point, you know,that there's a massive flow of distressed sellers,but we continue to evaluatethe opportunities that are out there.- [Ian White] Thanks, oh, just to clarify on meeting prep,is it kind of the case at the momentthat you have this with a set of sortof core clients if you like,and we wouldn't necessarily see more meaningful growthor sort of heavier usage until you had done someof the developments that you mentioned?Or is this a product where you see significant usageand value add for customers already?Is there any detail you can provide around that, please?- [David Schwimmer] Yeah, sure, no, that's a good question.I would say it's more the former, in other words,that's why I described it as kindof MVP, Minimum Viable Product.The technology is changingand when we put it out there, there was no real conceptof agentic AI.And so we're looking at whether there are waysthat we should be adjusting it and changing the productand working with our key customers to evaluatewhat could make the most sense in termsof adding the most value for them.- That's great, thank you. - You got it.- [Operator] You have a question from Julian Dobrovolschiof ABN Amro.Your line is open.- [Julian Dobrovolschi] Good morning, gentlemen, and thanksfor taking my questions.I have a follow-up on Workspaceand then another one on a different topic.To begin with the Workspace, given your planfor migration away from Eikon by June 2025,I was just wondering if you could remind us againon the pricing, but also timing strategy of thatfrom the, say, June 2025 onwards,assuming that all users will be on the new productas of the first quarter, 2025.And then one on a different topicof the recent announcement of your partnership with AWS.I was wondering if you could share more color,which services you plan to migrate to AWSand which will go to the Microsoft Cloud broadly speaking,but also if you could share some thoughtsbehind the decision-making.So, for example, why speaking to AWS Cloudand not Microsoft keeping yourlong-term partnership agreement with them.- [David Schwimmer] Sure. (coughs)So, first of all,the Workspace migration continues to go welland very much on track.I think implied in your question was an expectationof a pricing change when we switchedfrom Eikon to Workspace.And that's not the way it works.And I think one of the reasons we've seena very successful migration and retention.- [David Schwimmer] Yeah, and retentionduring the migration isthat we've been giving our customersa significantly better productin Workspace at the same pricethat they were paying for Eikon.And so, that will continue for the customers that are goingthrough that migration this year.And then, the price adjustment will take placeas it does every year on an annual basis in January.So no pricing change in year during the migration,(sneezes) Excuse me.On the question around AWS.AWS has long been a partner of oursand we have been very clearthroughout the very successful partnershipwith Microsoft that we will continue to workwith other Cloud providers.There's no exclusivityto the Microsoft relationship either way.It continues to be very productive, I think, for both sides.But the Cloud relationshipwith AWS is also a strong onefor us, an important one for us.And we have other Cloud relationships as well.Just to break it down,and I think the press release on AWS mentioned this,but for a number of years, we have had Cloud activityfor FTSE, Risk Intelligence,and different parts of our Markets business with AWSand that is the extensionthat we announced earlier this week.- [Julian Dobrovolschi] Got it. Thank you.- [David Schwimmer] So thank you.- [Operator] Your next question is from the lineof Thomas Mills of Jefferies.Please, go ahead.- [Thomas Mills] Oh, good morning, guys.I hear what you're saying on sales cycle earlier,which was reassuring.I'm just wondering, you know, buy and sell-sideand markets feel a little bit less healthyfor the end of April that perhaps people are expectingimmediate post the US election.I'm just curious if you see any early modificationsin the nature of the conversations you're having with eitherof those types of counterparties.You know, is there any greater willingnessto expand the scope of enterprise agreements,product bundling in environments to tryand generate incremental savings?- [David Schwimmer] So, (coughs) excuse me.These enterprise agreements tendto be multi-month discussions,in some cases, longer than that.So I wouldn't say that we have seen over the last monthor so, any kind of dramatic change in termsof interest in those kinds of conversations.We do have a number of those conversations,but I wouldn't say it's drivenby the volatility over the last month or two.And so that's why I would say,we haven't seen any meaningful change in termsof the sales cycle or any of those kinds of dynamics.- Great, thank you. - Thank you.- [Operator] And there are no further questionson the conference line.I will now hand the presentation back to David Schwimmer,CEO of LSEG for closing remarks.- [David Schwimmer] Well, thank you, all, for your questionsand for your interest.Of course, you know where Peregrineand the team are if you have any further questions,and we look forward to seeing you all soon.

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