Debate: the future of exchanges & banks

As NYSE Euronext and Deutsche Börse plan a merger, what does the future hold for the large trading exchanges as pressure mounts from technology, competition and regulation? and, as the big UK banks start their results season, have they made peace with the government, or are there battles ahead yet over bonuses, lending and size? In the chair analysis editor Frederick Studemann debates the issues with FT colleagues Jeremy Grant, FT Trading Room editor, John Plender, columnist and Patrick Jenkins, banking editor.