tate without too much disruption. We would expect China’s inclusion to account for 10% of the JPM GBI-EM Global Diversified index. Turkey, Malaysia, S. Africa, and Thailand would lose the largest shares in the index, while the shares of Brazil, Mexico, Poland and Indonesia are expected to remain given their

ADOPTION Micro- Transactions All Global Media Companies Remittance Hot Spots USA, UAE -> India, Mexico, Philip. Currency Controlled Markets Korea, S. Africa, China, India Financial Settlement Stock, Bonds, Derivatives, etc Early-Adopt Millennials USA, EU, AU Unstable Markets Africa, Venezuela, Argentina