Mr. Conor Faughnan:

The underwriter ultimately supplies the product, so to speak. The imperfect analogy is the sale of milk. Tesco sells milk, as does the corner shop, and the milkman will deliver it to one's door if one wishes. None of them is a dairy farmer, but there are different ways in which one buys milk.

If the only way one could buy milk was through the dairy farmers' cartel, I do not believe one would enjoy the experience or think it was properly competitive. We believe all brokers should have access to the integrated information data service data hub, the IIDS.