If the dominant theme of 2004 was exchange competition, what do you think the main themes of this year will be?
I think one of the prominent themes of 2005 will continue to be exchange competition. There are a lot of people who think that the aggressive competition between exchanges is close to being played out, but I think that is still going to be a key theme. Secondly, Asia is a serious theme for this year. Last year two things took place in the region: we saw a re-emergence of volatility in Japan and the rise of a number of new markets. Those players who had maintained businesses in Japan during the quieter years can now reap the benefits of having been invested there. On the new market front we saw continued growth from Korea, which has obviously been a story for three years for international participants. Also, India,...