How do you see developments in the local debt markets Have they become a bigger part of Deutsche's business in this region
The model has shifted from three years ago when Asia was very focused on the cross-border and hard currency bond market. The issuance numbers in local currency have grown extraordinarily, and that's one of the strengths of being on the ground. We are in 11 countries in Asia with 300 in Asia. 
We are very focused on the local currency business. For example in Malaysia, we are the largest non-Malaysian underwriter bonds in ringgit. What we found is, being on the ground in all these different places gives us underwriting opportunities, secondary trading...
