Member

With that, I turn to the short selling regulations. I am well aware of the history of those regulations, which were a spinoff from AIFMD and extraordinarily difficult to negotiate to get into anything halfway sensible. So, it is quite nice to see that actually most of it has now been kept and that, of the things that the UK objected to most and we could not get out of, two have been have taken out—and for the most part, that is reasonable. I think some people say, “Well, why can’t you short sell sovereign debt and have sovereign CDSs?” I think that the liquidity is such that you do not have to worry about whether you are going to be able to get hold of them, but experience has shown that, if you cannot short the sovereign, the markets will find a way to do the equivalent, which means shorting those people who are holding the sovereign, which happens to be banks–and it is probably a worse thing to be shorting banks than it is to be shorting the sovereign. So it is a reasonable provision to not have those in any more.