Middleoffice Business Process Outsourcing (BPO) Service Global Market Report 2025

Middleoffice Business Process Outsourcing (BPO) Service Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on middleoffice business process outsourcing (bpo) service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Description:

Where is the largest and fastest growing market for middleoffice business process outsourcing (bpo) service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The middleoffice business process outsourcing (bpo) service market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope

Markets Covered:1) By Type: Portfolio Management; Trade Management; Other Types

2) By Service Office: Insurance Business Process Outsourcing (BPO); Banking Business Process Outsourcing (BPO); Government; Knowledge Process Outsourcing Services; Other Middleoffice Business Process Outsourcing (BPO) Services

3) By Vertical: Banking, Financial Services, And Insurance (BFSI); Manufacturing; Healthcare And Pharmaceuticals; Retail And Consumer Goods

Subsegments:

1) By Portfolio Management: Asset Allocation; Risk Management; Performance Measurement And Attribution; Compliance And Reporting

2) By Trade Management: Trade Confirmation And Settlement; Trade Reconciliation; Trade Processing; Post-Trade Services

3) By Other Types: Data Management And Analytics; Financial Reporting And Compliance; Cash And Liquidity Management; Fund Administration

Companies Mentioned: Accenture PLC; International Business Machines Corporation; Hewlett Packard Enterprise Development LP; Tata Consultancy Services Limited; Capgemini SE

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery format: PDF, Word and Excel Data Dashboard.


1. Executive Summary
2. Middleoffice Business Process Outsourcing (BPO) Service Market Characteristics
3. Middleoffice Business Process Outsourcing (BPO) Service Market Trends And Strategies
4. Middleoffice Business Process Outsourcing (BPO) Service Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Covid And Recovery On The Market
5. Global Middleoffice Business Process Outsourcing (BPO) Service Growth Analysis And Strategic Analysis Framework
5.1. Global Middleoffice Business Process Outsourcing (BPO) Service PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Middleoffice Business Process Outsourcing (BPO) Service Market Growth Rate Analysis
5.4. Global Middleoffice Business Process Outsourcing (BPO) Service Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
5.5. Global Middleoffice Business Process Outsourcing (BPO) Service Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
5.6. Global Middleoffice Business Process Outsourcing (BPO) Service Total Addressable Market (TAM)
6. Middleoffice Business Process Outsourcing (BPO) Service Market Segmentation
6.1. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Portfolio Management
Trade Management
Other Types
6.2. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Insurance Business Process Outsourcing (BPO)
Banking Business Process Outsourcing (BPO)
Government
Knowledge Process Outsourcing Services
Other Middle-office Business Process Outsourcing (BPO) Services
6.3. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Banking, Financial Services, And Insurance (BFSI)
Manufacturing
Healthcare And Pharmaceuticals
Retail And Consumer Goods
6.4. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Sub-Segmentation Of Portfolio Management, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Asset Allocation
Risk Management
Performance Measurement And Attribution
Compliance And Reporting
6.5. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Sub-Segmentation Of Trade Management, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Trade Confirmation And Settlement
Trade Reconciliation
Trade Processing
Post-Trade Services
6.6. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Sub-Segmentation Of Other Types, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Data Management And Analytics
Financial Reporting And Compliance
Cash And Liquidity Management
Fund Administration
7. Middleoffice Business Process Outsourcing (BPO) Service Market Regional And Country Analysis
7.1. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Middleoffice Business Process Outsourcing (BPO) Service Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8. Asia-Pacific Middleoffice Business Process Outsourcing (BPO) Service Market
8.1. Asia-Pacific Middleoffice Business Process Outsourcing (BPO) Service Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.3. Asia-Pacific Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.4. Asia-Pacific Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
9. China Middleoffice Business Process Outsourcing (BPO) Service Market
9.1. China Middleoffice Business Process Outsourcing (BPO) Service Market Overview
9.2. China Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.3. China Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.4. China Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
10. India Middleoffice Business Process Outsourcing (BPO) Service Market
10.1. India Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.2. India Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.3. India Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11. Japan Middleoffice Business Process Outsourcing (BPO) Service Market
11.1. Japan Middleoffice Business Process Outsourcing (BPO) Service Market Overview
11.2. Japan Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.3. Japan Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.4. Japan Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12. Australia Middleoffice Business Process Outsourcing (BPO) Service Market
12.1. Australia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.2. Australia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.3. Australia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13. Indonesia Middleoffice Business Process Outsourcing (BPO) Service Market
13.1. Indonesia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.2. Indonesia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.3. Indonesia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14. South Korea Middleoffice Business Process Outsourcing (BPO) Service Market
14.1. South Korea Middleoffice Business Process Outsourcing (BPO) Service Market Overview
14.2. South Korea Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.3. South Korea Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.4. South Korea Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15. Western Europe Middleoffice Business Process Outsourcing (BPO) Service Market
15.1. Western Europe Middleoffice Business Process Outsourcing (BPO) Service Market Overview
15.2. Western Europe Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.3. Western Europe Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.4. Western Europe Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16. UK Middleoffice Business Process Outsourcing (BPO) Service Market
16.1. UK Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.2. UK Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.3. UK Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17. Germany Middleoffice Business Process Outsourcing (BPO) Service Market
17.1. Germany Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.2. Germany Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.3. Germany Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18. France Middleoffice Business Process Outsourcing (BPO) Service Market
18.1. France Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.2. France Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.3. France Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19. Italy Middleoffice Business Process Outsourcing (BPO) Service Market
19.1. Italy Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.2. Italy Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.3. Italy Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20. Spain Middleoffice Business Process Outsourcing (BPO) Service Market
20.1. Spain Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.2. Spain Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.3. Spain Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21. Eastern Europe Middleoffice Business Process Outsourcing (BPO) Service Market
21.1. Eastern Europe Middleoffice Business Process Outsourcing (BPO) Service Market Overview
21.2. Eastern Europe Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.3. Eastern Europe Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.4. Eastern Europe Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22. Russia Middleoffice Business Process Outsourcing (BPO) Service Market
22.1. Russia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.2. Russia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.3. Russia Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23. North America Middleoffice Business Process Outsourcing (BPO) Service Market
23.1. North America Middleoffice Business Process Outsourcing (BPO) Service Market Overview
23.2. North America Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.3. North America Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.4. North America Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24. USA Middleoffice Business Process Outsourcing (BPO) Service Market
24.1. USA Middleoffice Business Process Outsourcing (BPO) Service Market Overview
24.2. USA Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.3. USA Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.4. USA Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25. Canada Middleoffice Business Process Outsourcing (BPO) Service Market
25.1. Canada Middleoffice Business Process Outsourcing (BPO) Service Market Overview
25.2. Canada Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.3. Canada Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.4. Canada Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26. South America Middleoffice Business Process Outsourcing (BPO) Service Market
26.1. South America Middleoffice Business Process Outsourcing (BPO) Service Market Overview
26.2. South America Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.3. South America Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.4. South America Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27. Brazil Middleoffice Business Process Outsourcing (BPO) Service Market
27.1. Brazil Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.2. Brazil Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.3. Brazil Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28. Middle East Middleoffice Business Process Outsourcing (BPO) Service Market
28.1. Middle East Middleoffice Business Process Outsourcing (BPO) Service Market Overview
28.2. Middle East Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.3. Middle East Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.4. Middle East Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29. Africa Middleoffice Business Process Outsourcing (BPO) Service Market
29.1. Africa Middleoffice Business Process Outsourcing (BPO) Service Market Overview
29.2. Africa Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.3. Africa Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Service Office, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.4. Africa Middleoffice Business Process Outsourcing (BPO) Service Market, Segmentation By Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
30. Middleoffice Business Process Outsourcing (BPO) Service Market Competitive Landscape And Company Profiles
30.1. Middleoffice Business Process Outsourcing (BPO) Service Market Competitive Landscape
30.2. Middleoffice Business Process Outsourcing (BPO) Service Market Company Profiles
30.2.1. Accenture PLC Overview, Products and Services, Strategy and Financial Analysis
30.2.2. International Business Machines Corporation Overview, Products and Services, Strategy and Financial Analysis
30.2.3. Hewlett Packard Enterprise Development LP Overview, Products and Services, Strategy and Financial Analysis
30.2.4. Tata Consultancy Services Limited Overview, Products and Services, Strategy and Financial Analysis
30.2.5. Capgemini SE Overview, Products and Services, Strategy and Financial Analysis
31. Middleoffice Business Process Outsourcing (BPO) Service Market Other Major And Innovative Companies
31.1. NTT DATA Group Corporation
31.2. Cognizant
31.3. Infosys Limited
31.4. ADP Inc.
31.5. DXC Technology Company
31.6. IQVIA Holdings Inc.
31.7. HCL Technologies Limited
31.8. State Street Corporation
31.9. Atos SE
31.10. Wipro Limited
31.11. CGI Inc.
31.12. Tech Mahindra Limited
31.13. Concentrix Corporation
31.14. Sopra Steria Group SA
31.15. Genpact Limited
32. Global Middleoffice Business Process Outsourcing (BPO) Service Market Competitive Benchmarking And Dashboard
33. Key Mergers And Acquisitions In The Middleoffice Business Process Outsourcing (BPO) Service Market
34. Recent Developments In The Middleoffice Business Process Outsourcing (BPO) Service Market
35. Middleoffice Business Process Outsourcing (BPO) Service Market High Potential Countries, Segments and Strategies
35.1 Middleoffice Business Process Outsourcing (BPO) Service Market In 2029 - Countries Offering Most New Opportunities
35.2 Middleoffice Business Process Outsourcing (BPO) Service Market In 2029 - Segments Offering Most New Opportunities
35.3 Middleoffice Business Process Outsourcing (BPO) Service Market In 2029 - Growth Strategies
35.3.1 Market Trend Based Strategies
35.3.2 Competitor Strategies
36. Appendix
36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer

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