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June 12: Today’s most important story is the FSA’s statement about whether US regulations would apply to the London Stock Exchange if Nasdaq buys it. At first glance it looks like not. But read the statement closely: if a US acquirer such as Nasdaq were to bring the two businesses closer to any meaningful degree “this would require compliance with the rules of both jurisdictions”. Alarming stuff.

The other important story we are following is today’s meeting of the Association of British Insurers’s investment committee at which Vodafone will be discussed. As Kate Burgess wrote in Saturday’s paper, there is quite a wide variety of views among the company’s larger shareholders, so marshalling them into any sort of consensus may be tricky.

Signet has confirmed it is in merger talks with Zale of the US. The Telegraph said this morning that Gerald Ratner, perhaps showing a touch of the Waterstones, would want to buy back H Samuel if it became available. We’ll ask him.

Otherwise, we have yet another rights issue from Waterford Wedgwood and an update on Rosneft’s flotation plans.

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