In contrast to what I said about the last two clauses, I welcome the schedule. It is important that the reliefs available for intermediaries at the London stock exchange be extended throughout the variety of platforms that will open as a result of  MIFID. Access to exchanges from other countries in Europe will also be opened up. The Treasury has worked constructively with industry players such as the London Investment Banking Association to get this complicated set of changes into reasonable shape. I understand that there are a few glitches, but I hope that they are of the sort that can be resolved satisfactorily using guidance.

Having spent two years of my life on MIFID, I am pleased that the Government are pressing ahead with implementation. Giving birth to MIFID was a long and painful labour. However, I had the pleasure of working hand in hand with the Treasury on many aspects of the negotiations. I am not sure that what we produced was necessarily a great result, but I hope that it might be of significant benefit in the future, both to consumers, by ensuring lower costs with savings and investments, and to the City of London, by opening access to markets across the European Union.

I pay tribute to the Government for transposing MIFID on time. Sadly, the rest of Europe has chosen not to do the same. It is a concern that, although market participants who are preparing to implement MIFID might comply with UK legislation because it will have been transposed, they will have to deal with multiple systems across the rest of Europe because our European partners have been somewhat slower to implement.