But we can set the rules so that it s possible for them to operate. I think we ve made quite a lot of progress, but now, we ll have to continue it beyond the first generation, to make sure that the second generation is able to have the same sense of mission, urgency, able to throw up leaders and set their own directions in a new way in a new world. So, in America, it s clearly New York, in Europe, it s clearly London. Frankfurt is there, but not the same. Tokyo would be important, but Tokyo suffers from certain disadvantages.
Language is one.
Also, deregulation is underway now but will take a while. It could be in Hongkong, it could be Singapore, conceivably, it could be in Taiwan. I think that it s likely to be divided between the China part of it, for which Hongkong and Taiwan, Hongkong particularly, will have an advantage, and the regional part of it outside of China, where Singapore is likely to have an advantage. So some of it will be split. Some of it, there re opportunities for working together.