Combinations—Federal Model Combines entities horizontally under an umbrella holding company Retains national regulatory structure, oversight and licenses/authorizations of the subsidiary exchange entities Uses agreements at commercial, regulatory, and national levels Requires consensus on which rules are necessary to harmonize Requires consensus on the sharing (or not) of access and the conditions of same Requires a governance structure for addressing the development of business and oversight of markets Requires information sharing and agreement on the scope of each national participant regulator's jurisdictional interest Integration of systems requires governance/SLAs/security, etc.
{}