I'm interested in all of the above, but I would start from credit ratings to maybe the index and research business, and then the peers in the research business as well. That would be my order of importance.

About the rating agencies, what I say to people is they have a methodology, and the methodology for every industry is quantitative and qualitative. People have said, can't I just replicate that? My answer is that the analyst working with an issuer on that credit is getting proprietary or private information from bankers of the companies that you will never get; you will never have.

You said the day is coming where that middle layer of the terminal effectively becomes unnecessary or obsolete, and it's just about data?

You can get some of this stuff off the web, but it depends on which data set. It's not all about data either; how did these players stop this from happening? First of all, they have an army of lawyers. When I was at Moody's, we'd have people try to scrape our stuff and we'd send cease and desist letters. But there are also people talking more about how to digitize these assets and track the data elements. I was even seeing something recently where they're talking about whether AI agents could help you buy your market data. I think they'll figure out the technologies, like smart contracts with blockchain, to get there. There's a guy out of London I talked to who's been in this whole thing with the data. I think they're ahead in Europe versus the U.S., but it is a concern of theirs. They can also protect their data in certain ways.