As I begin work on the last in the current series of Market Surveillance reports, there are some important points that we can reiterate from the recent research. The first is the all encompassing requirement for surveillance. The recent Deutsche Bank co-CEO resignations have shown the negative impact the benchmark manipulation related sanctions and fines had on not just this bank but the industry as a whole. Similarly, the investigation of a couple of British banks regarding the payments made in the FIFA bribery scandal also shows the need for constant vigilance on part of banking and capital market participants. Firms are embracing the need for holistic surveillance and compliance, which covers not just trading but also related areas such as best execution, cyber-security and AML. Firms that have legacy systems in place might want to continue with several systems, but for the better part, most firms would prefer to have one system that meets most of their requirements. As more advanced technology becomes available, this is becoming more of a reality. Another important aspect is the rising use of machine learning capabilities. Surveillance systems are becoming more advanced, processing both structured and unstructured data, especially through the use of cloud based processing and Big Data technologies. Machine learning takes this to the next level, as it reduces the need for human intervention, and allows for reduction in false positives and negatives. Furthermore, such advanced systems also allow firms to keep tabs with new compliance requirements more efficiently as they can anticipate problem areas based on learning from past experience. Finally, exchanges and sellside have been the main users of market surveillance technology. But increasingly regulators and buyside firms have also started acquiring these systems. For regulators, it makes sense because it allows them to monitor the market independently and reduces their dependence on the exchanges and the sellside for data and analysis. For buyside firms that are playing a more active role in the market, it is important that their trade surveillance is upto scratch, otherwise they are making themselves vulnerable to the same issues that are plaguing sellside firms at the moment.