3. … . leading change for this major operational transformation means 5 key workstreams to launch ASAP Client Contribution Collateral Management Prime Brokerage & Prime clearing Client Services Key to segment client & identify opportunities Key to manage default risk of corporate counterparts especially in emerging markets Key to seduce the major asset managers and gain high volumes Key to retain the corporate client by offering outstanding level of services in addition to fair price Process streaming, controls & outsourcing Key to reduce costs and operational risk Client and flow trading business