Because of our focus on key local markets, we now have significant local presence in some 20 countries developed economies as well as emerging markets. Within five years, we plan to be strong in 35 countries. We're also members of 40 stock exchanges and have strong local market share in equity trading. The breadth of this leadership is another important differentiating factor for Merrill Lynch, especially in an increasingly interrelated world. Broad product leadership creates broad relationships that can enhance revenues and strengthen client ties.
Diverse expertise provides added perspectives and supports other businesses.
Multiple disciplines are also important for many new opportunities that are emerging with the accelerating, multi-faceted change occurring throughout the world brought on by factors like technology, deregulation and globalization. Broad product leadership is essential for any firm that wants to take advantage of this rapid change. For example, we are very focused on the opportunities presented by EMU, which will result in 300 million people in 11 countries converging on a single currency. European institutions will need to restructure their portfolios and adopt a Pan-European investment style. Individual Europeans will need to start saving and investing for retirement, and European corporations will need to restructure to gain efficiency.