Tokenization Event for DTC Securities

And so in July we're going to have an event, not calling it a pilot, it's an event where we are

going to have a limited number of participants using real live traditional DTC securities held

by those participants, enable them to tokenize it, and do a one-day event where they'll have

different test cases, different protocols, different app chains, at the moment at least

two different blockchains that they'll be able to move the assets on and then obviously receive as

much information we can from that event and then go live with the service in October is the plan.

Again, still kind of crawl, walk, run, everything will be limited securities and everything will be

controlled through DTC just to make sure we are still serving as like a good control location for

our broker-dealers and our banks. But very excited to be really moving

and it's from my legal side coming much more quickly than we're probably comfortable with.