Why did you decide recently to sell G-Trade - your electronic stockbroking arm - to Bank of New York
The G-trade business is a very exciting business that had grown rapidly. But we had to decide whether it would continue to develop under CLSA's ownership. The simple answer was that an institution such as Bank of New York has a broader base that will allow them to better support the business. They are global operators that can deliver a range of transaction services, including custody and stock lending - capabilities that are relevant in the longer term. We could see a plateau in G-Trade's business if it stayed with CLSA, which now will...
