In the international business, no. The market is just too big...

In the international business, no. The market is just too big relative to GBT's size. There are always plenty of new opportunities.

In Australia, it is a potential drag. But not a large negative in my view. In the case of BBY which vanished completely, around $1m of revenue pa was derived from BBY. But they expect to lose only around half that going forward because many of the BBY advisers moved on to other brokers who use GBT. So GBT picks up increased volume fees from the other brokers. They also made the point that the Australian market is very small and they have 85% market share. As regulation increases or changes are made (eg changes to settlement times or CHESS) it is very costly for new entrants to enter or even to maintain their software when they only have a few percent market share. GBT on the other hand can afford to spend more on development on a relative basis.

In some ways the biggest driver of the GBT business in increasing regulation of financial markets worldwide. More regulation requires more sophisticated software to implement the new rules etc. And I can't see that trend reversing anytime soon.