The Centre for the Study ofFinancial Innovation is a non-profit think-tank, established in 1993to look at future developments in the international financial field-particularly from the point ofview of practitioners. Its goals include identifying new areas of business, flagging areas of dangerand provoking a debate about key financial issues. The Centre has no ideological brief, beyond abelief in open markets.ln this document/material, "PwC" refers to the network of member firms of PricewaterhouseCoopers InternationalLimited (PwCIL), or, as the context requires, individual member firms of the PwC network.Each member firm is aseparate legal entity and does not act as agent of PWClL or any other member firm. This document is for generalinformation purposes only, and should not be used as a substitute for consultation with professional advisors.