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Investment Exchanges and Clearing Houses Bill

I am pleased to follow the hon. Member for South-West Hertfordshire (Mr. Gauke), who has taken up some of the issues that I wanted to discuss. The crux of the Bill is in clause 1. The rest is procedural, which we will come to. It is important to get the procedure right, but the principle and foundation of the Bill is in clause 1. We must be careful about the apparent love-in on ““low regulatory regime””. As an individual—I expect most hon. Members would feel the same—I would not invest in the stock exchange in Burma because that is a dodgy regime in a dodgy country. As protection there for me as an investor, whether as an individual or through some mythical company I might own, or as a buyer of the Burmese stock exchange if ever it were for sale, I would not want too little regulation because I could lose my shirt.