I think we are seeing strong growth in the warrants markets regionally, the major warrants markets being Hong Kong, Singapore and Korea and to a lesser extent, because it is a company-listed warrants market, China.
Although Shanghai has shown extraordinary growth, the warrants listed on that exchange are company-issued warrants as opposed to bank-issued warrants that we see in other developing warrants markets in Asia.
Growth has continued to be strong. Up until the end of September, the Hong Kong stock exchange turnover was in excess of $153 billion, surpassing last year's turnover of $110 billion. Essentially that makes Hong Kong the second biggest warrants...
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