We see substantial upside to these forecasts, given the potential for fewer than 6 rate cuts in 2024, the fact that we are unlikely to see coordinated global rate cuts at the same pace as in the US, and/or our expectations for greater upside from trading activity and B/S growth. As a result, we see revenue rising 6% in 2024E YoY , even after factoring in weak securities lending in 4Q23, an industry issue as clients conduct less shorting in a market that has moved up for a series of months. We also view guidance that account growth should be at a similar level and with a similar composition on an organic basis as in 2023 (~20%) positively. Moreover, the company continued to demonstrate expense discipline, generating a 72% pre-tax margin.