<Gentle Music Playing> So going to the next chapter the enablers. So I just want to focusing on on a few of them. Again, the increased competition I mentioned that before. So if your company which has no problem in terms of in growing your market share or growing general, then I don't see there's a big interest in Supply Chain Finance. But if you have issues, if you have a lot of competition growing in market share, then Supply Chain Finance is definitely an important topic because again of the liquidity. Then new technology like again electronic invoicing, web-based solutions, and then all the supply chain management - the physical supply chain management improvements like just-in-time. This had all influences on Supply Chain Finance because companies were very aware and very efficient in terms of the physical supply chain so the next step the natural next step was how to improve their the financial side of their supply chain. Now in terms of globalization in trade goes, I just have here some statistics. Here C D on the right side the global trade volume. So this year the World Trade Organization they expect a growth of 2.4 percent. Next year I think in between 1.8 and 3.6 percent. So as you can see there's a steady growth in terms of trade volume and just what is interesting today the whole import and export volume represents about 50% of global production so means about 50% is cross-border trade the other 50% is just domestic so and if you compare that almost hundred years ago it was just like about below 10%. So there's a constant stream of trading with external parties and of course this requires having the best financial supply chain being used. And then here you see I mean this is just a recent research from this year where they were asking a global company with how many parties they are trading in which are located in how many countries and of course the majority used like up to 40 or trading parties which are located in up to 40 different countries, which is interesting. And of course this involves a longer period of receiving the goods. This involves different jurisdictions which you have to look at the credit risk and different payment terms, practices, different currencies. The second one in terms of enablers which I mentioned before in the overview is the change of trade paradigms. So I'm not sure if you're aware or if you know about the terms of open account and letter of credit? Have you have you heard about these terms? Have you heard about this term? So you see here there's a clear change since I would say since 1986 where the volume in terms of company trading through open account is skyrocketing and the volume terms of that of credit it's kind of very similar to about 20 years ago. There was just what is interesting there was just kind of a hike in 2008 where companies moved more to letter of credit and a reduction in open account the same year and so what is open account and letter of credit? Here's an overview. So basically to explain it very simply there's like two extremes. So one is cash advance. So basically this is where the seller has the smallest risk so the seller sells products or services to his clients but he requires to get paid in advance. So the risk is with the buyer or with the client because he paid in advance and now he has to expect to get the goods or the services. On the other extreme is open account is where the seller sells his product to his clients maybe shipment already arrives at the client's warehouse and now he's waiting for payment. So basically it's a credit risk on the seller side that his client will pay or not pay the invoice. And then in between there are two solutions which is letter of credit and BPO which stands for I can write it quickly... ...stands for bank payment obligation and a letter of credit in BPO quite similar. So let me explain it quickly to you. So both solutions have been used as you can see since many years and these are solutions where the seller and the buyer don't trust each other. Okay, so this is mainly used for relationships where you have a first-time trade or you have a very big kind of product which you're selling with which a lot of risk in terms of payment and maybe just a one-time shipment or where you're dealing with emerging market. And how it works is basically you have a seller and the buyer or customer and you work with two relationship banks so the bank the relationship bank of the seller and relationship bank of the buyer. So let's say the seller is in the U.S. His relationship bank is in U.S. like for example at Wells Fargo and the seller sells products to a buyer let's say in Indonesia. So how it works is they have a commercial contract, okay? He receives a purchase order from the buyer in Indonesia to sell products then instead of just sending the products and the invoice he advises his relationship bank with kind of documentation about the purchase order... about all the details on the product which he wants to ship to the clients. Then the U.S. Bank has a relationship with the bank in Indonesia which is in relationship with the buyer. They check that all the documents are correct. He transmits the data or documents to the buyer and once everything is correct there is a reverse or like a transaction on the other side with the payment in here the payment back to the seller. So basically they also taking risk the two relationship banks that all documents are correct and that means as you can see it involves other parties it involves a lot of paper-based documents so it's very time-consuming but the banks can make money. So this is why a lot of companies are moving away to open account and the other reason why there's a big shift is because of electronic data flows, communication, so today you don't have to rely on paper-based documents. Now BPO which I mentioned before it's very similar. This was a initiative from Swift and the International Chamber of Commerce I think in 2000...yeah...2013. They decided in Zurich Switzerland that they want to digitalize the letter of credit basically and use in terms of data they want to use documents they want to use data flows so there is data flows with the BPO Network where the bank's agreeing on specific standards to get rid of paper documents and use data exchanges which of course improves the speed and the efficiency but the volume today of BPO is very small so key importance is open account where supply chain finance is focusing an open account.