Julian Rainero Quoted in Investment Dealers' Digest on International Regulation

February 5, 2007

Bracewell & Giuliani LLP partner Julian Rainero was quoted in the cover story of Investment Dealers' Digest, Feb. 5, 2007. In "Regulation without Borders," an article about Nasdaq's quest to take over the London Stock Exchange, Rainero says, "Our system has begun to be incredibly detailed - there are so many disputes and disagreements. The U.S. puts out more pages of rules and explanations of rules in a year than (European exchanges) have in total, because of our competing SRO (self-regulatory organization) systems."