Indeed, at the New York Stock Exchange’s second annual securities conference a couple of weeks ago, Commissioner Annette Nazareth of the US Securities and Exchange Commission said that the merger seemed to call for a common technology strategy but not a common exchange platform.

Similarly, persons benefiting from a grant under the ‘People Specific Programme’ (Marie Curie Actions) of the 7th Framework Programme for research, technological development and demonstration activities (1) are not eligible to receive an Erasmus Mundus scholarship for the same period of study or research.

In particular, persons having received an Erasmus Mundus scholarship are not eligible to receive an Erasmus grant for the same Erasmus Mundus masters programme or doctoral programme under the Lifelong Learning Programme.

Specifically, €4 million have been earmarked on a yearly basis since 2006 for scholarships to students following an Erasmus Mundus master course as of the academic year 2007-2008 (“Western Balkans window”), and an additional €6 million have been earmarked since 2007 for scholarships to students and academic staff at all levels as of the academic year 2008-2009 (“the Erasmus Mundus External Cooperation window”).

The Commission has been offering an increasing number of scholarships for students from the Western Balkans under Erasmus Mundus programme: 100 as of the academic year 2007/2008 for postgraduate students following master courses ("Western Balkans window"), and up to 500 for the academic year 2008/2009 for students at all levels or academic staff (under the "external cooperation window").

Difficulties arise because of prevailing uncertainty as regards the way in which "regulated markets" should fulfil their obligations to ensure that all securities comply with the requirements for "official listing" (as specified in Directive 79/279 [10] In essence, the practice to date has been that the regulated market should provide listing functions in respect of all securities which are dealt in on that market. This practice for "regulated markets" officially to list securities prior to trading can add significantly to costs and limit the scope for competing markets and exchanges to admit the same security to trading. admission to li ...[+++]sting and admission to trading must therefore be decoupled if more active competition between trading systems is to be facilitated. Furthermore, structural changes such as the demutualisation of exchanges call for a redefinition of how listing and public disclosure objectives are realised. However, before such far-reaching adjustments can be envisaged, an equitable basis must be found for sharing the regulatory overheads of listing and fulfilling related requirements such as dissemination of price-sensitive information. Without appropriate arrangements, profit-driven exchanges may seek to divest costly listing functions, particularly if they perceive competitors as "free-riding" on their listing services. This would jeopardise the important "public good" functions served by listing. Implementation of this approach should be foreshadowed in an updated definition of "regulated markets". It also calls for a re-examination of the provisions of Directive 79/279 [11].