"The SI-regime has not proved its value in relation to equities trading and therefore seems unlikely to be an appropriate model in relation to derivatives business."

GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

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"The SI-regime has not proved its value in relation to equities trading and therefore seems unlikely to be an appropriate model in relation to derivatives business."

--A letter from industry bodies to the Committee of European Securities Regulators on why the systemic internalizer regime for equities is not relevant for the trading of over-the-counter derivatives.

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