Aaron Nauman

So he can even end up losing in his business.

Basically, I'm a liquidity provider.

So I have liquidities from a lot of banks, a lot of non-banks, and that's my business.

So I can buy the hedge very cheaply.

So for four months' time, I can buy the Eurodollar hedge or the Eurodollar Ford, as we call it in our business, at a very good price.

And that price I'm transferring, passing to...

obviously, to the wine buyer, okay?

And I'm just making a small margin on that.

Basically, 20, 30 basis points, you know, above my cost of hedging, which is actually very, very competitive.

I mean, if you would try to do that, for example, versus, I mean, with his local bank, he would probably end up paying by 4%, 5% for the specific million dollars of euro-dollar hedging.

So you're just going to pay me, okay, a million dollars in four months' time, and I will deliver you the euro so you can pay your supplier in Europe, okay?

Oh, I see.

That's the business we're doing.

I'm making money from the spread.

So let's say I bought the hedge.

Okay.

If your dollar now is 104, okay, that's my cost.

So I will sell it to you at 104.20.

A euro dollar is 104 now.

So for one euro, okay, it's $1.04.