I have just received the letter SFA promised us.  SFA have accepted our 
argument that our proprietary bond and equity trading can be carried on in 
London through an unregulated UK entity.  The letter also states that SFA 
will not be applying their consolidated capital supervision rules to the 
unregulated entity, which they have the discretion to do.

From a regulatory perspective this means we can move ahead at full speed to 
set up an appropriate Chinese Wall and then begin trading.

Best regards

Paul