Q. With Sibos on the horizon what topics do you expect to dominate the conference?
A. One of the biggest topics of Sibos will, I think, still be recovering from the financial crisis and regaining confidence. Part of that will be the securities industry, where I think we are seeing profound changes – in particular a significant reduction in the activities of the front office, reduced proprietary and algorithmic trading, and less active trading in general. That will trickle down to the back office. The whole securities industry will be a topic of discussion in fact, including why volumes are down this much, and whether this is a result of a correction or whether they will bounce back.