§ Mr. David Howellasked the Secretary of State for Trade and Industry what representations he has received concerning the effects of the current draft rules of the Securities Investment Board on certain sections of public trading outside recognised exchanges in contracts for differences; what is his policy in relation to such effects; and what steps he will now take to prevent damage to certain businesses from occurring.
§ Mr. HowardMy right hon. Friend made representations to the Department on 23 September with respect to I G Index Ltd., supported by another licensed bookmaker City Index Ltd., concerning the anti-competitive effects of the draft rules previously published by the Securities and Investments Board for comment. When rules are submitted as part of the application by the board to become a designated agency under the Financial Services Act, they will be judged against the criteria set out in that legislation.