France Telecom, part of the Global One consortium, will not apply for an ISR licence but is interested in putting its own limited network into Hong Kong if market deregulation allows. Group executive vice-president Jacques Champeaux said this would be a natural extension of the company's work in Europe, where it was laying a network for key metropolitan business areas. He said the company would not undertake this sort of investment on its own but with partners Sprint and Deutsche Telekom, or through Global One. The company would look to lay fibre-optic cables from Global One's international switch in Chai Wan to buildings in the main business district. 'It would complement the long-distance services we already offer,' he said. Mr Champeaux said owning the infrastructure was much more cost-efficient and would enable the company to offer end-to-end networks to its multinational clients. The Government has yet to make a decision on whether the local market will be opened up to further competition.