First of all, you've recently taken over as head of GES at DB, what are your plans for the department?
The plans for the department involve building the customer franchise and that's not just a GES initiative, that's a pan-Global Markets initiative. We're looking to fulfil our part by using new technology and expanding geographically.
If the dominant theme of 2004 was exchange competition, what do you think the main themes of this year are now?
We totally believe it's new markets. Exchange competition will always be ongoing but we think in terms of futures it's about providing our customers with access to the widest possible range of markets, as efficiently as possible. There are a number of opportunities out there. What we want to do is work with our colleagues in the equities platform to work out the priorities in those new markets. There are opportunities across Asia including...