UBS probably has the best website of any broking firm. Can you talk about how the website might have changed analysts' approach
The website hasn't changed the analysts' approach, but it has made it easier for our clients. It allows them to monitor analyst recommendations and target prices, as well as to see what analysts have said over time. For many clients it is an important tool with which to evaluate the research product.
So the internet has made the research world more transparent
Yes. But it's also valuable because it allows us to see which clients use the website. The larger and...