Under the directive establishing a common regulatory framework for electronic communications networks and services (‘Framework Directive’) , the Commission is to publish guidelines, concerning market analysis and the assessment of significant market power , of which national regulatory authorities (‘NRAs’) are to take the utmost account for the definition of relevant markets appropriate to national circumstances and, in particular, of relevant geographic markets within their territory, in accordance with the principles of competition law.

3. Within six months after the start of the auctions or two months from the appointment of the auction monitor whichever is the latest, ICE shall report to the auction monitor, on the coverage obtained under its cooperation model with exchange members and their clients, including the level of geographic coverage obtained and take the utmost account of the auction monitor’s recommendations in this regard so as to ensure fulfilment of its obligations under Article 35(3)(a) and (b) of this Regulation.

In particular, national regulatory authorities shall, when assessing whether two or more undertakings are in a joint dominant position in a market, act in accordance with Community law and take into the utmost account the guidelines on market analysis and the assessment of significant market power published by the Commission pursuant to Article 15.

(28) In determining whether an undertaking has significant market power in a specific market, national regulatory authorities should act in accordance with Community law and take into the utmost account the Commission guidelines.

In updating our EU legislation we need to make sure that we not only keep pace with the global changes implicit in the new Basel Capital Accord, but also fully reflect the needs of EU banks and investment firms and their customers. Further consultation will ensure that our proposals take the broadest possible account of practitioners' views".

To give you a quick snapshot, we have 10 of the 10 largest global customers, 5 of the top 5 largest gas and oil companies, all the G7 governments, and 16 of the G20 governments; and we operate in over 175 countries.