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On the technical side as well he thinks the story in the future will be about revenue growth. “The technical side of the market is very strong of late. Even though the US is the biggest market, look at the euro and sterling markets. They look similar and are highly correlated,” he notes.

So far gross net new issuance in 2009 is substantially up. “We see market opportunities across lots of currencies and securities. There is a lot to choose from. There is more liquidity in the marketplace now. It

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