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I totally agree Gary, and I would also like to see some action in the post trade space, with regards to driving out legacy systems used in settlements and corporate actions departments. It is incredible that so many manual practices still exist in a world where technology such as the iPad exists!

Do you think we will see more of this type of change in other market players?

I am sure they will do a great job.

I do also agree with you re the derivatives - in many ways it is a good match because as Xavier said in one of his interviews, there isn't too much crossover between the two groups.

I think this is excellent news for the LSE, but do wonder about their new-look executive team - it seems light on members from Xavier's current ExCo.

One would also think that this is the merger of the two less likely to be impeded by the competition authorities.