It's clear we are trading cheap relative to the other exchanges. It doesn't tie in with our actual performance.

January's record trading figures continue the pattern of accelerated SETS growth.

The recent acceleration of growth on Sets means that trading in March will exceed all previous records by a significant margin. We are on track to deliver an excellent outcome for the current financial year.

Valuations are cheap relative to region.

This all fuels growth on SETS ... it's a secular story.

I was born in Canada, went to school in Colombia and Denmark, and have worked for American, French and Swiss companies. So not much Scottish blood. But the good news is that I'm not English either!