John Deters: Owen, this is John. Additional thought there. We mentioned that we see real stability in the market. And that doesn’t mean that the market won’t be unchanged in this new environment. And among the things that we see going forward is that there will be an increased concentration on the tokens people feel comfortable with from a regulatory standpoint, from a compliance standpoint. So that — I think that’s just the reality we see going forward. And we’re fine with that. We recently had a reach up from significant asset manager who wasn’t prepared to join us in our first iteration, really interested in considering offering exposures to their clients. And they’re not talking about the long tail of smaller assets. They’re really focused on the most embedded, the most comfortable and understood exposures. That’s the opportunity for us.
Operator: Thank you. And the next question comes from Michael Cyprys with Morgan Stanley.
Michael Cyprys: I wanted to circle back to your revenue outlook, your total revenue guide of 7% to 9% organic total firm-wide. That includes the D&A, right, but also I imagine also captures transactional revenues in there as well. So just a question on that, what areas do you anticipate being most meaningful and contributing on the transactional side to your 7% to 9% organic revenue growth? What underpins your confidence and strength in that into ’23?
Ed Tilly: Thanks for the question, Michael. The continued momentum that we see in the interest and engagement from our broad range of customers did execute in a broad range of strategies in the — on our Derivatives complex forms a good portion of the driver for the continued revenues growth of 7% to 9% into next year. As you say, that’s total. So it does include the Data and Access Solutions as well, which is also a combating driver as part of that growth guide that we’ve given that as we see the growth of the utility in — that customers are finding in deploying option strategies we see that continuing throughout the year. And really one of the catalysts there last year, of course, was the addition of the Tuesday and Thursday weekly contract expirations that opened up the opportunities that Ed talked about earlier on.
I think in the quarters past, what we called out is when investors move from the binary outcome of being long or short in Delta 1 and employ option strategies that allow them to define their outcome that is an incredibly sustainable, sticky, if you will, strategy. So, we continue to teach that here in our institute. We continue to bring new products to the market through Cboe Labs, and we engage with our customers globally as the demand for particular for U.S. Derivatives. But if you follow along like we do listening to and observing what retail platform operators are saying, that Derivatives demand is global. We see that. And of course, our concentration while primarily leading into ’23 is U.S.-based as Dave laid out, we see potential, obviously, in Derivatives as we broaden the scope in Europe.
Operator: Thank you. And the next question comes from Andrew Bond with Rosenblatt.
Andrew Bond: Just on fixed futures volumes. We know there seems to be a bit of a mix shift in customer hedging to SPX and as your DTE option contracts with implied volatility underperforming realized vol. Outside of changes in some of these dynamics and more unknown unknowns, what could Cboe do on the innovation front and perhaps education front to boost volume growth of VIX features?
