Michael Cyprys: Thank you.
Operator: And I show our next question comes from the line of Alex Kramm from UBS. Please go ahead.
Alexander Kramm: Yes, good morning, everyone. This may be a little bit of a snippy question but I’m going to ask it anyways. It’s about the recast. So obviously, you just in November resegmented and rolled out new targets for solutions 7 to 10. But then obviously, you just recast something today to basically move a no or shrinking business into the non-solution segment. So if my math is right, it’s about 60 basis points of positive impact to organic growth to Solutions in the fourth quarter. So I guess my question is, should we hold you accountable for higher targets now? Was it 7.5% to 10.5%? Or how should we be thinking about it? Because, again, you did a nice job recasting and really moving Solutions to be non-trading, and now you’re changing that around again? Thanks.
Adena Friedman: Yes. So Alex, thanks for the question and it’s not snippy. So — but I would say this. We actually made that change, so what happened was we used to have the options tape revenue sitting inside the Market Services business, and we have the equities tape revenue sitting inside of Market Data. And — but what we did with the realignment was we actually moved the management of the equities tape into the Markets team because of the fact that the revenues associated with the equity tape are more — they ebb and flow with market share and other dynamics in the market as opposed to just pure client demand. And so we decided, and so when we first redid — went into the new divisional alignment, we actually moved the options tape into data as opposed to moving the equity tape into the markets.
And we — as we went through the fourth quarter and we really thought about kind of aligning the business with the management, we actually decided to make a switch. So we kind of moved the options and equities tapes now into market platforms because that’s where the team that supports them are moving into the Market Platforms division, are being managed by the Market Platforms team. So we did not do it intentionally to kind of recast targets or anything like that. We’re not changing our medium to long-term outlook across our Solutions businesses. 7% to 10% is the target and the outlook that we expect to be able to achieve over medium to long term. But we did want to move those products just into the group that’s managing them. That’s really the only catalyst.
Operator: And I show our next question comes from the line of Owen Lau from Oppenheimer. Please go ahead.
Owen Lau: Good morning. Thank you for taking my question. So on the expense outlook, could you please talk about the area that you will invest in ESG and Anti-Fin Crime? Is there any specific examples you can give to us? And how should we think about the new product launches or even incremental revenue potential from these investments? Thank you.
Ann Dennison: Sure. I’ll start. Hi Owen. So when we think about — I guess, just coming back to the guidance, we’ve got that midpoint of our guidance is at 5%, which is when you look at our 4% to 7% medium-term outlook, we’re just below the midpoint of that which would be 5.5%. When we think about what comprises that 5%, substantially all of our growth is to support, like you said, the — our growth initiatives across ESG, AFC and market modernization. And I would characterize them as the investment we need to continue building out the long-term opportunities for those business to support the revenue growth we have in our outlook over the medium term. And so I think it’s really about that 18% to 23% medium-term outlook on AFC and then our capital access platform medium-term outlook to support the growth there, ESG being the biggest or a high — growing off a small base but a high-growing portion of the Workflow and Insights portion of the business.
Adena Friedman: Yes. And I think, Owen, one thing we did point out because embedded in that 5% annual growth in expenses is about, 1 percentage point of that is really the continued investment we’re making in our digital assets business. As we kind of get closer to launching that business, hopefully in the first half of this year. So that’s one concentrated investment that we’ve called out as we went through and discussed the outlook. I think beyond that, when we look at the remaining 4% growth, as Ann said, the majority of that growth really just comes from making sure we’re making the right investments across the three key pillars. We’re not kind of quantifying investments in each one of those pillars. But they’re all — you have to think about it this way.
The growth outlook of one of those businesses, if there’s a higher growth outlook, it’s likely that we’re putting more investment dollars or at least on a percentage basis, putting more investment into those businesses. So like our AFC business. If we have a medium to long-term growth outlook of 18% to 23%, we’re investing in the R&D and the go-to-market and the sales capabilities to make sure we support that growth. And so that would have a higher level of investment than something that’s growing 5%, let’s say. But I also think that — as a general matter, we feel like we’re making the right choices of where to invest our capital to make sure we can sustain our growth and make sure we achieve this on the medium to long-term outlook.
Operator: And I show our next question comes from the line of Craig Siegenthaler from Bank of America. Please go ahead.
