The intention of regulators is incentivising a transparent price formation process. This is good as long as transparency does not become an objective itself rather than a mean to achieve a better and fair execution for our clients. We are in favour of a greater transparency, of course. However, there are some orders that are just too big to be worked through an order book. These orders are subject to abuse by HFT and need either to be broken up in child orders or be allowed to rest in a dark pool. I think there is a lot more engagement from the industry this time to ensure that policy-makers get it right. In 2007 the industry was not ready and the unintended consequence of Mifid I have been quite dramatic in terms of fragmentation of liquidity