And I’ll pass it over to Dave here in a second as we continue to round that out. So, we’ll see it across the entire flywheel as far as maybe some of the underlying, but also the transaction and non-transaction side as that entire ecosystem continues to build. So — and Dave, do you want to expand on that a little bit and then maybe talk about the EU Derivatives? And then we’ll come back to — and then maybe follow up with you and Chris on the Cboe Digital?
Dave Howson: Sure. So, I guess I’ll start with the European Derivatives piece. The last quarter, the value proposition, the opportunity set remains the same. The customer feedback remains the same. And the gap between the volumes of trading of index options between the two regions remains the same. Q4, we saw good growth. It was a record quarter in terms of volumes on the platform with new customers coming on, particularly in futures. And as we laid out in the past last time, it’s about getting that stable price picture in the futures, then it will be the options that follow suit from that. And then for us this year, the single stock options launched in Q4 completely rounds out the offering in order for us to bring together the full ecosystem and offer the full benefits of a single margin pool and a single lit on screen market there in Europe.
So for us, the three-year guide, which we moved a year last — we reported last quarter. So the exit of 2025 is still the target for us. And then…
Chris Isaacson: Yes, I’ll take that. On Cboe Digital, as we said on the slide there, this has been Slide 11. It’s a long-term growth trajectory for us. And we haven’t put out guidance on exactly when we’ll have breakeven there. But a lot of this is dependent upon our Derivatives growth, margin futures and as we said, onboarding the syndicate as we bring them on. So, we haven’t put out exact breakeven timing, but we are very bullish on the long-term growth trajectory for that business.
Operator: Thank you. And the next question comes from Owen Lau with Oppenheimer.
Owen Lau: Going back to Cboe Digital, I think you guys are planning to list more tokens beyond the five tokens you have. Could you please talk about what other tokens you feel comfortable to list? And what’s the process and timing of getting approval so that you can — these tokens?
Ed Tilly: Chris, let me start, and then I think you can give a view of the Board and the direction. But really, what we’re most sensitive to is regulation as we went — gone into this eyes wide open. And you’ve been following along with the rest of us that there’s uncertainty over regulation and oversight. We’re embracing that regulation. So, we need clarity around securities versus non-securities. But our customers, our syndication partners are interested with us in broadening beyond the current coin offering. But we are patient. We have said this is a long-term play, a long-term move for us. So, we will be participating in and helping to form what the future looks like for oversight regulation. But we are very much — we’re very sensitive to where the SEC and the CTC come out on classification. Chris, a little bit more?
Chris Isaacson: Yes, I think Ed covered it well there. We are going to be very conservative on our listing. We do desire to list new coins as there’s clarity around regulation and as we see genuine customer demand from our customers and intermediaries. But we’ll make sure that there’s clarity there before we start listing the coins.
