LSEG Capital Markets Day 2023 Day 2 Session 1 Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Enrico Bolzoni - JPMorgan Chase & Co, Research Division - Analyst : Thank you. It's Enrico Bolzoni, JPMorgan. A couple of questions from me. One on CapEx, you're guiding now for this decline. But within that, it seems that clearly, it's going to be less directed towards what has been underinvestment in the past and more towards other initiatives. Can you just give us some color in terms of understanding whether the CapEx that's going to come in the future will actually contribute just to increase the top line or actually there's more that can be done to improve the cost base and make it even more scalable? And then my second question, as a result of the partnership with Microsoft, the migration to the cloud and the other initiatives, would you say that actually it's potentially easier to do inorganic acquisitions, so small acquisition simply because the business, just for the way it's positioned, is more scalable so it's actually easier to plug in other realities to the existing one? Thanks. David Adam Schwimmer - London Stock Exchange Group plc - Interim Group Head of Data and Analytics, Group CEO & Executive Director Thanks. Why don't you take the first one? I'll take the second one.