Renaissance Broker is one of the leading operators in Russia, the CIS and Eastern European bond market including government, corporate and municipal bonds. In municipal and corporate local bonds, we have consistently maintained a 4.5%-plus market share and remained within the top-seven market players. We traded $15bn in 2010, and we continue to actively participate in both primary placements and secondary trading, including-market making commitments. We provide liquidity for clients and counterparties, offering competitive bid/offer spreads in decent sizes through several daily e-mail distributions (axes) and an auto-executable Bloomberg page.