“If we don’t see harmonization between the U.S. and Europe, we are definitely not going to see Asia following a line which is harmonized—it will take a line that is most beneficial to the Asian environment.”

GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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“If we don’t see harmonization between the U.S. and Europe, we are definitely not going to see Asia following a line which is harmonized—it will take a line that is most beneficial to the Asian environment.”

—Paul Swann, president and managing director at ICE Clear Europe, on why there should not be structural arbitrage across different regions where global products exist.

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