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Investment Exchanges and Clearing Houses Bill

As I said earlier, this is a series of probing amendments, and we have had a useful exchange. First, on amendments Nos. 2 and 4, the Minister is absolutely right, and the letter from John Tiner, to which we referred earlier, should reassure investment exchanges and clearing houses about the way in which the FSA will seek to use the powers. Of course, the consultation process that will take place over the next few months to determine the detail of the rules for call-in will reinforce the message set out in that letter. That should give exchanges and clearing houses further reassurance about the way in which the new powers will be used. I now turn to the amendments about change of control. Perhaps there is a second paradox on display: it took a potential change of control in an investment exchange to flag up the issue of the freedom that exchanges and clearing houses enjoy in determining their own rule books. Although historically that has been seen as a strength, clearly, in future, challenges could emerge that would change that strength into a problem. By taking the necessary powers now, having been prompted by the potential change of control, we are ensuring more certainty over the regulatory environment in the UK. In a sense, even if the acquisition of the London stock exchange by NASDAQ does not go ahead, perhaps the prospect of it has done us a favour by highlighting the issue. It led us to introduce this legislation quickly, so perhaps in the long term it has done UK financial services a great favour by making us look at the rules once more, and making us think about how the rule book will develop. I beg to ask leave to withdraw the amendment. Amendment, by leave, withdrawn.