From Mr Tod Ackerly.

Sir, David Blackwell's article, "A two-tier system to escape the long arm of the US law", (FT.com, September 27), describes a significant problem facing US companies seeking to raise capital on the Aim market. T.E. Stocks (Letters, October 3) proposes a solution: the Financial Services Authority and the London Stock Exchange should press the Securities and Exchange Commission "to agree harmonisation of Reg S with robust electronic settlement systems such as Crest".