What proportion of CEP activity is in the front office vs. the middle and back office?
Bates: From our point of view, the majority is still in the front office. We have had a long history of working with trading firms and the application areas of the front office, but they have diversified massively away from the original equities and algorithmic trading applications. It is definitely growing-it is growing fast in the middle-office applications. It is still dominant in the trading space and I see the trend compressing the middle and back office closer to the front office in the way they operate and respond to data. Honoré: Yes, the big footprint is still in the front office. There are a couple of vendors that have achieved some penetration in the back office, quite frankly because they are slower. They haven’t really played against Progress Apama and the other vendors in that space that have done more operational work. It still has a long way to go. People are still really focused on the speed and data volume issues. But there is some slow maturation. The other problem w
