  We present a set of functional equations defining the anomalous dimensions of
arbitrary local single trace operators in planar N=4 SYM theory. It takes the
form of a Y-system based on the integrability of the dual superstring
sigma-model on the AdS_5xS^5 background. This Y-system passes some very
important tests: it incorporates the full asymptotic Bethe ansatz at large
length of operator L, including the dressing factor, and it confirms all
recently found wrapping corrections. The recently proposed AdS_4/CFT_3 duality
is also treated in a similar fashion.
