Sharon Leung: Thanks for that. And as a follow-up, just on some of the updated capital rules that are coming. I understand you probably won’t be able to give much color because we haven’t seen a proposal yet. But just in terms of like expected ways you might be able to mitigate some of that impact and which businesses might be more impacted for you guys?
Eric Aboaf: Yeah, I mean, there’s — obviously, we’re like many waiting to see more from the rules. We’ve — the last time we saw Basel III and game draft from either the US or international regulators was several years back. So I think we’ve — we expect some higher capital requirements, just hard to tell how much. We do think there’ll be effects on different parts of our businesses. So the new rules will come with an operational deposit operational capital charge. That probably will be relatively hard to influence because we actually want to build our fee-driven businesses. And so those, I think, will just come with a capital requirement that’s — that will be an add. There’ll be some reduction on the lending book, so that will be helpful.
And then I think in particular, while the fundamental review of the trading book will affect the universal banks potentially in a negative way. For us, the sec finance business will tend to be a positive, will be in a positive territory where capital requirements will be less. We’ll no longer need to hold capital to indemnify treasury. So they’ll finally become economically more rational in the safer areas, right, as they should be. They should obviously — capital needs to be held for the riskier activities. But we don’t traffic in the riskier areas. And I think that, in some ways, that will give us an opportunity to grow those areas that are quite aligned with our client base like sec finance and actually deploy capital more actively. And so I think there’ll be a mix of impacts, we’re going to see as it comes through, but I like many were — we’re considering what’s to come and we’ll react accordingly as it does.
Sharon Leung: Great. Thank you.
Operator: Your next question comes from Brian Bedell from Deutsche Bank. Please proceed.
Brian Bedell: Great. Thanks for taking my question. Amidst Ron, I guess I wanted to come back to your comments on the, basically, the overall revenue per client, if I can sort of summarize it that way. Obviously, there are different components of how clients, the asset servicing clients pay for the business, and there are many different ways aside from the core fees that they can do that. So as you think about that across the client base, I know you have looked at this more holistically across clients over many, many years. But with the deposit beta going up, is that sort of revenue per client going down? Or do you think you’re able to actually be able to improve the fee rate given that they aren’t paying as much on the compensating balances?
Ronald P. O’Hanley: Brian, it’s a good question. And what I was referring to and what you’re referring to is what I would call how we think about this tactically client by client, but I also want to come back to the strategic elements of this also. In terms of — there’s no one answer for any particular client because if you think about it, in the core back office business, you’ve got custody fund accounting and there’s a pricing element to that along typically with associated deposits. In more and more instances, obviously, we’ve — a client might have a middle office assignment with us where we’re doing — we are their back office and obviously going all the way to Alpha. And then there’s the question of are we doing FX and securities finance with them?
