While a robust new issues market has provided a boost to commission levels, the largest part of this growth can be attributed to the trading volumes generated by these hedge funds.

That sliced off about a half a percentage point in growth.

There's lots of earnings growth, and the stock prices don't reflect that.

The economic environment remained supportive of overall loan growth in 2005, while the rate of growth in the home loan sector moderated toward a more sustainable level.

In general, a rising rate environment slows down growth, so most companies are not going to go as good as when rates are low.

This year's figures hold no surprises. Widespread use of illegal sites, made easier with the growth of broadband access in the major markets, is affecting an industry that is also having to compete with increased sales of other entertainment formats such as DVD films and new video game consoles,