May 3, 2010 Issue Abstract

Regulatory Reform Update: Systemic Risk Concerns Rank as Central Issue for Buy-Side Firms. As Congress debates regulatory reform, buy-side participants seek centralized clearing of derivatives to “eliminate most of the double dealing done on Wall Street on margin and collection and deposit of receipts and counterparty risk” services.

Industry Alert: Equiduct in Talks for Nasdaq OMX Europe’s MTF Clients. May 21, 2010 will be the last day of trading on NEURO and Equiduct is in talks to serve the MTF’s clients.

Investment Trends: Schwab Survey Finds Active Traders Turning More Neutral. Active traders are taking steps to better manage market volatility and risk, as investors shift asset allocations.

Editor’s Comment: Thinking Beyond Highway Patrols. Direct Edge has filed a thought-provoking comment letter with the US Securities and Exchange Commission.

Spotlight: LSE Group Aims to Leverage MillenniumIT to Grow the Business of Its Turquoise MTF. A conversation with David Lester, Chief Executive Officer of Turquoise and Director of Information Services for the LSE Group.

Regulatory Watch: Citi’s Vice Chairman Says the Financial Crisis Is in the 6^th Inning of a 9-Inning Game. Citi stands apart from many of its peers and trade associations in voicing differing views on the course of regulatory reform.

OTC Derivatives: Interest-Rate Derivatives Trades Outstanding Top $448 Trillion. A look at newly gathered statistics reported on TriOptima’s Global OTC Derivatives Interest Rate Trade Reporting Repository (IR TRR).

The News Network: J.P. Morgan to Acquire Schroders plc’s Private Equity Administration Services; ICE Plans to Buy Climate Exchange plc.

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