Those are markets that no one has really been able to effectively develop yet, and they’re all in very, very early stages. One of the key problems we think that there is from our experience in developing other markets is that there’s a fundamental — fundamentally very difficult for somebody to understand what is the offset that one would want to trade. What is the underlying reference data associated to it? What are the components that make up that offset or that environmental credit? What’s the quality of that credit? Basic supply information like how much was issued when it was originally issued, how much has been retired and how much still exists. So we launched, at the end of the year, a reference data service where our community of over 100,000 instant messaging and chat clients that are traders that are utilizing that all day long, they’re energy traders, they’re environmental market traders can instantly look up any offset, any environmental credit, be able to get all of the reference data associated to that credit; how much was issued when it was issued;, how much has been expired, how much is still available to trade, this is all basic fundamental supply data that people need to be able to price — fundamentally price the contract.
So we pulled all that together, so you can gather all that information on a near real-time basis. We pulled it together from a variety of different sources to make what was hours worth of work, if not days, can be done instantaneously. And obviously, with that information, it can help with price formation and eventually interaction with our community to help identify people that would want to trade. So we feel great about our positioning there. We’re investing there, and that’s just one significant example of a nascent market that we think we have some foundational elements that we’re so excited about.
Operator: Our next question comes from Simon Clinch of Atlantic Equities. Simon, your line is now open.
Simon Clinch: Thanks for taking my question. I just wanted to cycle back to the mortgage business. And specifically looking at the transaction revenues, I was just wanting — as you’re increasingly looking to shift your revenue streams towards the recurring revenue line over time, should we look at that as do start to rebound? And then secondly, is there — should we assume that the sort of level of outgrowth versus — of the transaction revenues versus those mortgage industry volumes should narrow and to zero because we’re effectively shifting all of your business to recurring revenue streams? Just trying to understand the dynamic that’s going on between the recurring revenues and transaction revenues right at this point.
Benjamin Jackson: Sure. Simon, it’s Ben. So there’s a couple of different pieces to that question that I’ll cover. So on transaction revenue, we have said we are willing to give up some transaction revenue that we have today. So take, for example, a “success” fee. When a loan is codified, there’s a transactional fee associated to that, that where — if we lower that to some degree for our clients but shift more of that towards recurring revenue and more predictable revenue to us, we’ll do that. So there is some short-term impact to our transaction — to existing transaction revenues. At the same time, we have a whole suite of other services that we’re cross-selling to our stable of 3,000 Encompass customers, for example, around the world, some of which are recurring, some of which are transaction that, as those continue to mature because they’re very early stages but are showing some great signs of success, our ability to cross-sell those, things like our data and analytics offerings, which we — were transactions that we’ve tilted much more towards subscription.
