§ Mr. Chris SmithTo ask the President of the Board of Trade what representations he has received about the decision of the London stock exchange to contract out its information technology operation to Arthur Andersen; what implications this decision will have on the forthcoming introduction of paperless trading with Taurus; what steps he intends to take to assure that the core business of the exchange is properly protected; and if he will make a statement.
Mr. HamiltonMy right hon. Friend the President of the Board of Trade has received one representation about the decision of the London stock exchange to contract out its information technology operation.
The implications of the decision for the introduction of Taurus the electronic system for the recording and transfer of title to shares and other securities, are a matter, in the first instance, for the stock exchange. They will be taken into account when the stock exchange seeks consent for the admission of the first securities to Taurus under regulation 5(1) of the Uncertificated Securities Regulations 1992.