Jeff Sprecher: And this is Jeff. I would just mention that we spend a tremendous amount of time focused on our own costs and the cost of delivering these products and continue to make prudent investments but underneath allocate to personnel and resources. We’ve been — you may notice, of all the major exchange groups, we’ve been the most cautious, if you will, of moving business to the cloud because those are areas where we’ve seen the largest cost increases and the most unpredictable rises in cost. So we have continued to be conservative in delivering our products the way our customers want to see them but trying to do it in a way that is very, very cost efficient.
Operator: Our next question comes from Alex Blostein of Goldman Sachs. Alex, your line is now open. Please go ahead.
Alex Blostein: Hi, everybody good morning. Thanks for the question. I just want to go back to some of the energy dynamics in the space. And I was hoping you guys could talk about the environmentals for a bit. It’s great to see the TTF complex kind of coming back to life here in January. What would it take to get, I guess, the environmental products going again? And kind of what are some of the dynamics in that market for ’23?
Benjamin Jackson: Thanks, Alex. It’s Ben. And we feel really, really great about the position we have in the environmental marketplace. As you know, we were here very, very early. Almost 13 years ago is when we acquired the Climate Exchange, and that was really the foundational piece to it. And we’ve been building and investing around this the entire time since we’ve owned that and now have the most global complete suite of solutions there that are helping our clients price carbon, offset their carbon risks, trade renewable energy credits, et cetera. And one of the other strengths that we have to our environmental business is that there’s a symbiotic relationship that we see with energy. A lot of people that are producing energy or consuming energy need to care about the price of carbon.
So we see a symbiotic relationship there. For our business, if you look under the covers of what was going on last year in 2022, we did see some headwinds, as I mentioned in my prepared remarks, on the European Union allowance markets. And a lot of that was associated to time, capital and attention being paid towards the energy markets. That said, we continue to see market data subscriptions, in particular, environmentals, are growing nicely over the years. So we continue to have people added into our community between our market data, between our ICE instant messaging platform and chat platform. We continue to grow visibility and interest into our markets there. I’d also point out that the European Union late last year reaffirmed the trading scheme and continue to signal that things like free allowance thresholds, so the amount of carbon that you’re allowed to emit before you have to buy allowance, all those are going to start coming down, which means that more carbon is going to need to be priced and more sectors of the economy are going to be captured.
So from a long term looking out over the horizon perspective, that’s a tailwind of growth. We launched our U.K. allowance platform. That was up nicely last year, up 16% and North America, as I had mentioned, had a record last year of almost 3.7 million lots traded with a record number of market participants in there. Our regi contracts, which is regional greenhouse gas emissions California carbon allowances, renewable fuels all had a great year. We continue to invest here by launching new contracts. We launched tech wind solar contracts last year, and we also launched a few tranches of nature-based offsets. One of the things that we announced at the end of last year that may have flown under the radar for people is when you look at the offset market in the carbon and environmental credit markets, those markets tend to be called voluntary, and they are very nascent.
