Aidan Donnelly

Germany itself, so Bonn, the BaFin, to basically the European Securities and Markets Authority.

Now, that looks as if they're willing to see that power now, and it's certainly a good start.

But look, I think from a European perspective, there's a lot of changes need to be required in terms of not just on the regulation side.

We do have two major exchange companies now in Euronext and Deutsche Börse.

you know, there's two major exchanges in the US, there's New York Stock Exchange, then Aztec.

So the number of exchanges I don't think is necessarily the important one.

But the other thing that I think that's more important is just to try to increase the public's desire to be investing in the markets.

And I think that's a much bigger thing because when you look across Europe, there is so much money held in deposits in banks that never get into the investment markets.

And I think if Europe are serious about

trying to fund investment into companies and getting a much more active capital market.

they need to make it easier for people to invest in the markets.

Well, look, again, I think it's about if you're freeing up funds and investment funds to get into the market, I think if you see substantial growth in markets, I think it's a place for everybody ultimately to operate in that type of environment.

Yeah, I think there's a lot of media rhetoric has definitely increased.

I think when you look at it, I think many believe that a major escalation of trade tensions with China is not kind of a base case.

And I think the reason is not so much, you know, that great taco phrase from Trump that he always backs down or he always caves in.

But I think, you know, when you look at it, actually, China is probably one of the only countries that have bargaining power when it comes to the U.S.

And while the U.S.

may have kind of ramroded through an awful lot of trade deals to their benefit for other countries like, you know, other regions like Europe and the U.K.

and Japan and things like that,

There's a much different position, I think, for China on a relative basis because, you know, China households have a lot less exposure to the equity markets than the U.S., right?