What was the progress in building London’s relationships with cities in Russia and China?
Russia has become the largest single source of the foreign section of the London Stock Exchange. China is rather different. The US started with a big advantage and I am not sure whether we have caught up, but we are gaining a great deal. The Chinese government just signed its first-ever agreement of mutual promotion of inward investment with London two weeks ago. We will have a one-stop shop for Chinese companies to offer them support and they will aid London and its promotion in China. Obviously, we have an important relationship with Beijing because of the Olympic games. What has been the progress of London’s relationship with Indian cities? The thing that had the biggest impact was the Tata takeover of Corus. There were no regulatory obstacles, and most of the capital was raised in London. There have been many outbound mergers and acquisitions from India, will there be more inbound activity from London? We expect India to go down the road of more liberalization. Doubtless, there wil
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