Market Functioning and Liquidity in Q1

We have seen a lot less volatility so far this year than in 2022 when there were some really unprecedented moves in a number of asset classes. Liquidity still feels relatively patchy, however, and quite inconsistent. The level of supply in the UK is obviously a factor that will doubtless continue to weigh on market sentiments. And I would expect that to be a good deal of scrutiny around all the upcoming government auctions. In summary, though, if I look across all of our transaction costs this year, and that's across all asset classes. We continue to see quite a profound improvement. Broadly across all those asset classes, we see costs rebounding quite significantly to more normalized levels that we last saw