A brave new wireless world.Everyone's talking Everyone's Talking, actual name Everybody's Talking, was a game show which aired on ABC February 6 – December 29, 1967. Former dance-party host Lloyd Thaxton was the host, and Wink Martindale and Charlie O'Donnell were the announcers. about a world where mobile Net-linked devices offer connectivity around the clock and on the run. Yet, as evidenced by PDA-wielding Americans and their mobile phone-toting European brethren, both devices and communications standards vary widely. Will the promise of seamless global access ever come to pass? CE's Peter Buxbaum offers an update on the status of wireless infrastructure and the quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby"
quest after, go after, pursue
look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the global compatibility around the world. In short, who's got what--and when will it all come together?
Ads for wireless gadgets suggest that a new anytime, anywhere Internet is available in the here and now. Mobile professionals, whether in Singapore, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , or St. Petersburg, they imply, can access the Internet to receive and send e-mails or to log onto corporate databases for a last-minute dose of intelligence on the customer they are about to visit. All this is available with a few short taps on a handheld device.
Not so fast. There are a number of problems with this scenario. For one, global protocols for wireless data transfer don't exist right now. That means that a device capable of logging on in Brussels may not work in Beijing. In fact, not only have different regions embraced different standards, but leading carriers operating within major markets like Asia and the U.S. have adopted different--and incompatible--standards. What's more, wireless business applications have yet to approach the aesthetics and functionality of the desktop experience.
Of course, any modern hotel anywhere in the world will likely have wired Internet hookups. But a company taking the next step of setting up an office in China, Brazil, or any number of other countries will suffer a long wait before its operations are on par with North American North American
named after North America.
North American blastomycosis
see North American blastomycosis.
North American cattle tick
see boophilusannulatus. standards. The wired infrastructures in those countries are incomplete and stretched to their present limits.
In fact, infrastructures for both wired and wireless communications wireless communications
System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. are still being built out around the world. Emerging global regions are playing a game of infrastructure catch-up by emphasizing the implementation of wireless infrastructures, while the hardwiring of broadband networks This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.
You can assist by [ editing it] now. is going on everywhere.
"Wireless technology provides access; wired provides bandwidth," explains Eileen Eastman, a technology analyst at the Yankee Group (the Yankee Group, Boston, MA, www.yankeegroup.com) A major market research, analysis and consulting firm founded in 1970 by Howard Anderson. It provides general consulting and strategic planning in the computer and communications field. , a Boston-based consultancy. Wireless telecommunications infrastructures represent a quick fix--a less time consuming and relatively low-cost way for developing areas to achieve global connectivity. But today's wireless technologies are unable to transmit data at the speeds required for the downloading of graphics, audio, and video-let alone the full-screen, heavy data requirements of Web-based enterprise applications. Even as these wireless networks become heftier, they still can't compete with wired infrastructure, especially in the business realm.
But new, better wireless technology is on the way. Wireless infrastructures are currently moving from first- and second-generation systems to the much-awaited third-generation or 3G technology. The first generation of wireless data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. allowed the transmission of short text messages. The second introduced Internet protocols Refers to all the standards that keep the Internet running. The foundation protocol is TCP/IP, which provides the basic communications mechanism as well as ways to copy files (FTP) and send e-mail (SMTP). , allowing a pared-down Internet to be offered on wireless handsets, and also employ data packeting techniques, which transmit data more efficiently and use dedicated data networks that don't have to compete with voice communications for transmission capacity.
Enhancements to second-generation wireless technology, sometimes referred to as Generation 2.5, are now being rolled out in Europe, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , and Asia. These will increase data transmission capabilities from the present 8 to 10 Kbps (kilobytes per second A kilobyte per second (KB/s or KBps) is a unit of data transfer rate equal to:
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. research by GartnerGroup. But the Generation 2.5 technology, which is being overlaid on present systems, encompasses competing protocols. GPRS (General Packet Radio Service) The first high-speed digital data service provided by cellular carriers that used the GSM technology. GPRS added a packet-switched channel to GSM, which uses dedicated, circuit-switched channels for voice conversations. (general packet radio service) is the 2.5 standard accepted throughout Europe, while its counterpart, CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. (code division multiple access, a technology that allows multiple radio frequencies to be used simultaneously), has made inroads inroads
make inroads into to start affecting or reducing: my gambling has made great inroads into my savings
inroads npl to make inroads into [+ in North America and Asia. "It's a problem we are always coming up against," explains Clare McCarthy, an analyst at Ovum, a wireless technology consultancy in London. "There's no packet data industry group to standardize the protocol."
There will, however, likely be such a group for 3G wireless technology, according to McCarthy. That technology, which will be capable of transmission rates of 64 to 115 Kbps, may incorporate global standards that could transform the promise of ubiquitous global wireless communications into reality. Unfortunately, it's about five years away, according to GartnerGroup. Even then, says Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
Fixed wireless technologies, such as those being implemented in China and Brazil, and which were very recently introduced in North America by Sprint, boast bandwidth comparable to fixed networks, notes Zohar, and "may, over time, help to narrow the digital divide." But, although touted as less costly alternatives to wired networks, fixed wireless technologies remain less reliable than the wired variety because line-of-site problems interfere with full geographic coverage. "These are not business grade networks, and they won't run corporate applications," says Zohar, who sees wireless as a complement to rather than a substitute for the existing wireless infrastructure. "They will not replace core infrastructure."
That core infrastructure continues to be represented by hard wire. For example, the undersea fiber-optic cable currently under construction around South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , together with other such projects around the world, suggest that wired technologies--because of their reliability, stability, and lower costs of data transmission--won't be shunted aside in favor of wireless at any point in the foreseeable future.
Yet, despite its current limitations, wireless may indeed be the Next Big Thing, as its proponents claim. Hybrid handheld PDAs and phones that work as mobile units and can link to broadband networks are on the way, as are cell phones capable of transmitting up to two megabits per second--a vast improvement on today's average of 9,600 bits per second. London-based consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee
business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a ARC Group The ARC group formed in the early 1980s. Some members of the group met at the Slade School of Art while others were studying architecture. All were interested in making site-specific installation works mostly with recycled material, partially influenced by the DIY culture of groups estimates that 100 million of the 500 million mobile phones in use around the world will be capable of Internet access See how to access the Internet. by year end. Within three years, says ARC, a whopping 300 million--of 900 million total--will be Internet-enabled.
Even in North America, which has a high level of wired Internet penetration compared to Asia and most of Europe and lower levels of wireless penetration, wireless Internet growth is outpacing that of wired. And markets that already have high levels of mobile communications penetration--such as Italy and Spain--are likely to quickly embrace wireless business applications, such as the CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , in-commerce, and business intelligence tools now being offered on mobile telephones.
Clearly, while wireless access is far from refined, the movement is picking up momentum in markets around the world. At the same time, each regional market is influenced by a range of factors, from the status of both wired and wireless infrastructure development to the cultural and social nuances that influence a population's chosen method of access. In the pages to follow, we take a region-by-region look at the issues, concerns, and technological progress--and how they're influencing the evolution of a brave, new wireless world.
Most of Europe has embraced GSM (Global System for Mobile Communications (communications) Global System for Mobile Communications - (GSM, originally "Groupe de travail Sp?ciale pour les services Mobiles") One of the major standards for digital cellular communications, in use in over 60 countries and serving over one billion subscribers. ) as a format for wireless technology. This more standardized wireless telecommunications infrastructure has yielded a higher level of acceptance and penetration, which has led to speculation that Europe will drive innovations in wireless communications.
"The wireless infrastructure is moving faster in Europe than in North America," says GartnerGroup senior analyst Phillip Redman. "The coverage is better and the penetration is deeper in Europe. One of the main methods of access to the Internet in Europe is the mobile phone." Penetration of wired Internet-connected PCs is also generally lower in Europe than in North America. More than 28 percent of U.S. households have Internet access through PCs, for example, while PC Internet penetration is well below 10 percent in Germany, France, Italy, and Spain, according to a Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. study of Internet penetration rates.
To a certain extent, there's an inverse relationship A inverse or negative relationship is a mathematical relationship in which one variable decreases as another increases. For example, there is an inverse relationship between education and unemployment — that is, as education increases, the rate of unemployment between the level of penetration of Internet-connected PCs and the popularity of wireless technology. Countries like Italy and Spain, which have relatively low levels of wired PC penetration, have high levels of wireless telecommunications acceptance.
Will the penetration of wireless telephony telephony without wires, usually employing electric waves of high frequency emitted from an oscillator or generator, as in wireless telegraphy. A telephone transmitter causes fluctuations in these waves, it being the fluctuations only which affect the receiver.
See also: Wireless speed up the evolution of wireless business applications on phones? "For consumers, mobile phones may very well be the gateway to the Internet in Europe," answers Forrester Research's Zohar, "but no business will be running applications primarily over a wireless medium."
Nicholas Bontron, a Paris-based wireless technology specialist at Business Objects, a developer of business intelligence software, sees wireless enterprise applications finding a home in countries where the wireless Internet consumer has penetrated the market. Business Objects is beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the a wireless version of its Weblntelligence software product in Finland, Italy, and Spain, where mobile phone use is pervasive. The software runs on the wireless application protocol (WAP (1) (Wireless Access Point) See access point.
(2) (Wireless Application Protocol) A standard for providing cellular phones, pagers and other handheld devices with secure access to e-mail and text-based Web pages. ) microbrowser--a technology increasingly appearing on European cell phones that enables Internet information to be displayed on the small screen of a mobile telephone and at low data transmission speeds.
"A WAP phone WAP phone n → teléfono WAP user might start by accessing information like weather reports or traffic information," says Bontron. "Then he realizes that he can also look at business and professional information."
Europeans' ongoing love affair with their mobile phones means wireless Internet access is likely to be accomplished with phone-like devices, notes Vinit Nijhawan, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Billerico, MA-based Kinetic Computers, a provider of handheld wireless computers. "My prediction is that given the state of the industries in Europe and America, American mobile devices will evolve from the PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). (personal digital assistant]," he says, "while in Europe, innovation will come from the phone side, and the telephone will evolve into a more POA-like form."
While WAP has its detractors, its advocates believe that it will revolutionize Internet banking in Europe, according to a Financial Times survey. In Spain, a country not known for its enthusiasm for the wired Internet, Banesto became the first Spanish bank
North America represents the flip side Flip side
In the context of general equities, opposite side to a proposition or position (buy, if sell is the proposition and vice versa). of the European situation. Wireless communications, though far from rare, lag behind Europe's penetration levels, while participation in the wired Internet is the highest in the world. The North American wireless infrastructure is not as widespread nor as standardized as its European counterpart. Adding to the confusion, each of the top players in the American market have adopted different technical formats. Sprint and Verizon use CDMA, while VoiceStream Wireless and Pacific Bell use GSM. Adding to the morass of incompatibility, AT&T uses TDMA (Time Division Multiple Access) A satellite and cellular phone technology that interleaves multiple digital signals onto a single high-speed channel. For cellular, TDMA triples the capacity of the original analog method (FDMA). (time division multiple access, a technology that allocates a different time slot Continuously repeating interval of time or a time period in which two devices are able to interconnect. on a given frequency to each user). "Because TDMA does not support data transmission, AT&T has been forced to overlay an older format to provide Internet access through its cell phones, adding further complexity to its current generation of handsets," reports a recent article in The New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times.
Currently, mobile hardware (PDAs, PCs, and mobile phones) is designed to work exclusively with one wireless technology transmission format--and therefore tends to be network specific. However, the Internet applications run by such devices, such as stock-quote services or airline ticket reservation systems, have overcome the barrier of multiple standards by incorporating WAP technology, which can adapt to any of the existing transmission formats.
Another factor that currently differentiates the American wireless market from its European counterpart is method of access. "Opportunities for wireless telephony are probably greater in Europe than in the U.S.," says Mary Ann O'Laughlin, a London-based analyst for the wireless consultancy Ovum. "The U.S. is still a laptop and Palm-driven market."
3Com's Palm VII The Palm VII product family consisted of two products, the Palm VII and the Palm VIIx Palm Pilots. These were produced by Palm, Inc., before it was split into PalmOne and PalmSource. They had antennas for wireless data communication on the Mobitex network under the now defunct Palm. , which features a built-in wireless modem A modem and antenna that transmits and receives over the air. Wireless modems support several technologies, including 802.11, Bluetooth, CDPD, DataTAC, Mobitex and Ricochet. There are wireless modems for laptops, handhelds and cellphones. , already boasts more than 100,000 wireless customers. Limited applications have proven an early stumbling block stum·bling block
An obstacle or impediment.
any obstacle that prevents something from taking place or progressing
Noun 1. for wireless service customers, but dot-coms like Amazon.com, Yahoo, and Travelocity are stepping up to the plate with bite-size versions of existing Web sites suitable for wireless browsers. Earlier this year, AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. announced alliances with both Nokia and Ericsson to allow AOL subscribers to access their accounts through their mobile handsets.
Despite these new offerings, many feel that North American business will view mobile communications as a complement to, and not a substitute for, the wired Internet; "Internet applications will likely be driven by consumer applications in Europe and by the enterprise market in the U.S.," asserts GartnerGroup's Phillip Redman.
Still, the wireless Internet is growing faster than the fixed Internet in North America. Wireless Internet users will rise from 7.4 million in 1999 to 61.5 million by 2003, according to IDC research, a technology consulting and publishing firm, while home Internet use in the U.S. will grow from 67 million to 101 million subscribers during the same time period.
U.K. & ENGLAND
While the U.K. rolls out a new third-generation wireless system, Ireland is adding more iron to its pipeline. Mobile phone use has expanded in the U.K.--about half the population now owns one--to the point where the networks have begun to creak creak
intr.v. creaked, creak·ing, creaks
1. To make a grating or squeaking sound.
2. To move with a creaking sound.
A grating or squeaking sound. under the strain.
In an effort to alleviate some of this stress, BT Cellnet, one of the U.K.'s four main cellular carriers, took its general packet radio service (GPRS) network live to commercial customers in June. GPRS, a network dedicated to data transmission, makes more efficient use of network bandwidth than GSM, the standard now prevalent across Europe. BT Cellnet claims that its Genie Internet is the world's first such system and that it is making the network available initially to companies in the southern half of England, excluding London, before rolling it out across the U.K. later this year. The company reports that it already has 500,000 customers for the service and has lined up several top-name content providers, including BBC BBC
in full British Broadcasting Corp.
Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. News, BskyB, and online travel agency lastminute.com.
In Ireland, the government has endeavored to expand high-speed Internet See broadband. connectivity by linking with Global Crossing's undersea transatlantic cable The Transatlantic cable
Dial-up modems are generally only capable of a maximum bitrate of 56 kbit/s (kilobits per second) and require the full use of a , according to a report in The Financial Times.
Ireland's investments in advanced telecommunications infrastructure have lured foreign companies to set up European call centers in Ireland. Ireland already hosts over half of all pan-European call centers, according to the FT, in addition to accounting for a large proportion of shared-office services, an arrangement in which corporations pool their back-office activities. Both the call-center and shared-office industries depend heavily on the telecommunications infrastructure. On a retail level, however, the use of the Web in Ireland is still behind that of most EU countries.
While Internet use is currently relatively minimal in Latin America, the region is seen by many as having great growth potential. A mere 1.5 percent of the region's 500 million people have Internet access, but the last four years have seen the wireless telephone market grow exponentially. In 1995, there were 4 million wireless phone subscribers; by 1999, the number had climbed to 30 million. Many see the growth in wireless subscribers as indicative of the market potential--and the population's growing comfort level with embracing new technology.
Economics has been a major barrier to the growth of the Internet in South America, suggests Erica Eppinger, program manager for Latin American communications at The Yankee Group. While the Internet is already extensively used by corporations, educational institutions, and wealthy individuals, lower access rates are likely to promote access among the middle classes and to boost sales at some of the larger B2C e-commerce B2C e-commerce
The conducting of commerce by companies, government agencies, and institutions with consumers over the Internet. Amazon.com is typical of a company engaged in B2C e-commerce. sites.
The lower costs and quicker implementations characteristic of fixed wireless infrastructure build-outs have spurred a proliferation of such projects in South America, most notably in Brazil. With fixed wireless networks, handsets operate by radio waves Radio waves
Electromagnetic energy of the frequency range corresponding to that used in radio communications, usually 10,000 cycles per second to 300 billion cycles per second. , like cellular phones, but can only be used in a fixed location. Because the only installation necessary is an outside antenna, fixed wireless networks are ideal for the largely rural markets of South America--and should fuel greater Internet use in the region. "Fixed wireless technologies can provide throughput comparable to that of wired systems," notes GartnerGroup's Phillip Redman, "because they are transmitting to a fixed point rather than to a mobile unit."
Canada-based Nortel, which is in the process of building fixed wireless systems in Mexico City is also active in areas in South America, Central America, and the Caribbean, and has emerged as a leader in the region. It also operates a wireless systems research center in Campinas, Brazil, where it has signed a $240 million contract with GVT GVT Global Virtual Time
GVT German Volume Training (high-volume light-weight strength training system)
GVT Ground Vibration Test
GVT Government Income Trust (stock symbol)
GVT Global Virtual Team , a local and long-distance telephone company, to install an advanced telecom network for Brasilia, the country's capital, and nine nearby states. In Colombia, Nortel is supplying equipment to competing cellular companies that control more than 85 percent of the total market, while in Chile it is building data networks for CTC CTC - Cornell Theory Center , the primary Chilean several competitors telecom company, as well as several competitors.
On the wired side, a consortium of fiber-optic cable and telecommunications providers is installing undersea cables to connect South America with the U.S. "Fiber-optic capacity is cheaper and more reliable than satellite communications, and it's quicker," says Eppinger, who says that the entire region is likely to benefit from lower Internet access rates and higher levels of technology penetration from the efforts of the consortium, which includes Global Crossing, Telefonica, GTE GTE General Telephone & Electronics
GTE Génie Thermique et Énergie (French)
GTE Gas Turbine Engine
GTE Global Tropospheric Experiment
GTE Geothermal Energy
GTE Gas Turbine Efficiency plc (Sweden & USA) , Worldcom, and AT&T. "What this means is that Internet service providers Internet service provider (ISP)
Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. are going to get international capacity cheaper and will pass those costs savings on to the consumer," she says.
Motorola has emerged as a technology powerhouse in the Middle East, having secured 15 wireless infrastructure contracts in regional markets over the last 12 months, most recently in Kuwait. Motorola's work in Kuwait involves a $14 million contract with wireless GSM operator MTC mtc - A Modula-2 to C translator.
ftp://rusmv1.rus.uni-stuttgart.de/soft/Unixtools/compilerbau/mtc.tar.Z. to implement a countrywide capacity enhancement. The "dual-band" network implementation will enable cell phones to utilize the most efficient network route and frequency, thus optimizing network performance.
Israel has developed a robust research and development community, according to GartnerGroup's Redman, as well as a high level of wired and wireless communications technology penetration. "Israel is a small market compared to the rest of the Middle East," he says. "But it has invested a lot in wireless technology. Much of the frequency-hopping technology now incorporated in global wireless telecommunications technologies was originally developed in Israel for military security applications."
Motorola operates an R&D center in Herzliya, Israel, and that facility has recently turned out what the company terms a "revolutionary" component that will be included in wireless devices beginning in 2001. According to a report by the Israeli business magazine Globes, the new platform will facilitate the reception of a variety of mobile services through cell telephones, PDAs, and other devices. Among other things, it will accommodate high-speed Internet access, conference calls, two-way video transmission, remote monitoring of homes and businesses, and the remote control of medical equipment.
The component includes 100 million transistors and can perform 3,000 calculations per second, as compared with the 80 calculations per second characteristic of existing devices. Motorola reportedly plans to use it not as a stand-alone unit, but as a tool to customize products on behalf of customers.
ASIA - PACIFIC
Asia, like Europe, shows lower levels of Internet PC penetration and higher levels of wireless communications acceptance than North America. Markets like South Korea, Japan, Hong Kong, Singapore, and Taiwan are all heavy users of wireless communications, reports GartnerGroup's Redman. "China will also be a major market," he adds.
The Chinese State Development Planning Commission recently announced plans to invest $650 million in a two-phase project to install 3G mobile networks, a project designed to increase bandwidth to enable faster wireless transfer of video and multimedia images than current systems. Beijing is negotiating with U.S. investment bank Goldman Sachs to finance the investments.
U.S. wireless developer Qualcomm, one of the world leaders in CDMA technology development, has announced that it is working with China Unicom, the second largest telecommunications provider in that country, to install a 3G CDMA wireless network. CDMA has already been implemented in South Korea and Japan, as well as other areas of Asia.
Cultural nuances play a roll in the use and acceptance of communications technologies in Asia. San Francisco-based Meetchina.com, the largest provider of Web hosting and e-commerce services in China, uses wireless notification services to alert its 60,000 business customers of the presence of inquiries at their e-commerce sites. "Online behavior is different in China," says CEO Leonard Cordiner. "People log on one or two times a week to collect their e-mails."
Laggard response times, of course, won't satisfy global customers who come online expecting an immediate response to product inquiries, so Meetchina has had to fine-tune its service processes. "We send a message to the supplier over a pager to check the e-mail," says Cordiner, who notes that pagers are more prevalent in China than e-mail. "Motorola has 30 million pagers in China."
Literacy levels also impact technology penetration levels in China and India--two very large markets. Massachusetts-based Kinetic Computers supplies handheld wireless computers and supply-chain management systems to trucking companies, and has successfully penetrated markets in North America, Europe, and Japan. "In China and India, companies are interested in what we are doing," says Vinit Nijhawan, CEO of Kinetic, "but the truck drivers are mostly illiterate. They can't work with an application unless it's totally graphic. Even then, they would likely not accept it. We can't sell in those markets."