Document:

Exhibit
      4.10

    FOURTH
      AMENDMENT

     

    TO

     

    AMENDED
      AND RESTATED OPERATING AGREEMENT

     

    OF

     

    VAN
      DER MOOLEN SPECIALISTS USA, LLC

     

    Dated:
      April 23, 2007

    

     

    FOURTH
      AMENDMENT, dated April 23, 2007 (the “Amendment”), to the
      Amended and Restated Operating Agreement, dated December 1, 2004, as amended
      by
      the First Amendment, dated December 30, 2004, the Second Amendment dated January
      3, 2005, and the Third Amendment dated July 1, 2006 (the “Operating
      Agreement”), of Van der Moolen Specialists USA, LLC, a New York limited
      liability company (the “Company”), by and among the entity and
      individuals listed on Schedule A hereto (each, a “Member” and
      collectively, the “Members”).

     

    WHEREAS,
      Brian D. Langer, Kenneth B. Smythe, Andrew J. Grabowski, Thomas J. Verdiglione,
      Martin B. Steinthal, Stephen J. Sherman, Edward J. Scavone, Thomas Perry, Irwin
      Misshula, Mark E. Wagner, Albert Veenstra, Gregg F. Sorrentino, Michael J.
      Sherman, John D. Monahan, David A. Miranda, Steven Grossman, Michael
      J.  Sokoll, Robert B. Fagenson, Joseph A. Talento, Forrest Close,
      William S. Sonner and Thomas H. Shafer (collectively referred to herein as
      the
“Terminated Members”) have terminated as Members of the Company,
      and

    

    WHEREAS,
      the Profit and Loss Percentage interests of the Terminated Members have been
      reallocated among the remaining Members in proportion to the Profit and Loss
      Percentage interests of the remaining Members pursuant to Section 3.5(c) of
      the
      Operating Agreement, and

    

    WHEREAS,
      the Members have determined to allocate the Float Percentage among the Members,
      and

    

    WHEREAS,
      the Members have determined to reduce the Stated Capital of the Company from
      *
      to *, and

    

    WHEREAS,
      the Members have determined to amend Schedule A of the Operating Agreement
      to
      reflect the foregoing changes.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOW
      THEREFORE, in consideration of the foregoing premises and the terms and
      conditions set forth in this Amendment, the Members hereby agree as
      follows:

    

    
      	
               

            	
              1.

            	
              The
                recitals set forth above are an integral part of this
                Amendment.

            

    

    

    
      	
               

            	
              2.

            	
              Capitalized
                terms used but not defined herein shall have the meanings ascribed
                to such
                terms in the Operating Agreement.

            

    

    

    
      	
               

            	
              3.

            	
              Schedule
                A to the Operating Agreement is hereby deleted and Schedule A attached
                to
                this Amendment shall be substituted
                therefor.

            

    

    

    IN
      WITNESS
      WHEREOF, the Members have executed this Amendment, which may be signed in
      counterparts, which when taken together, shall constitute one and the same
      Amendment, as of the date and year first written above.

    

    

    
      	MILL
              BRIDGE IV, LLC	 
	 	 	 
	 	 	 
	 	 	 
	By:	 	 
	 	RICHARD
              E. DEN DRIJVER	 
	 	Manager	 

    

    
 

    

    
      	 	 	 
	
              CARMEN
                BARONE

            	 	
              JASON
                N. BLATT

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              WILLIAM
                T. BRAZIER

            	 	
              NICHOLAS
                R. BRIGANDI

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              JAMES
                J. CAMANELLA

            	 	
              MATTHEW
                C. CEBULSKI

            
	 	 	 

    

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	 
	
              JOSEPH
                A. CREEN, JR.

            	 	
              CHRISTOPHER
                S. DEARBORN

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              JAMES
                E. DEMAIRA, JR.

            	 	
              PAUL
                D. FRANKEL

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              GEOFFREY
                D. FRIEDMAN

            	 	
              ROBERT
                W. GRAHAME

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              THOMAS
                M. GREENHILL

            	 	
              MARK
                A. INNAIMO

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              MATTHEW
                J. MANDOLA

            	 	
              MATTHEW
                W. MARKWEWICZ

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              SCOTT
                E. MAZZELLA

            	 	
              MICHAEL
                J. MCDONNELL

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              SCOTT
                E. MCMAHON

            	 	
              JAMES
                L. MILLER

            

    

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	 
	
              NICHOLAS
                S. ORLANDO

            	 	
              ERIC
                B. OSCHER

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              WILLIAM
                C. QUINN

            	 	
              STEVEN
                M. RUBINSTEIN

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              JAMES
                J. SCAVONE

            	 	
              THOMAS
                E. SCAVONE

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              BRIAN
                K. SCHAEFFER

            	 	
              LOUIS
                J. SPINA

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              GLEN
                R. SURNAMER

            	 	
              JOSEPH
                V. TALENTO

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
              WILLIAM
                P. WHITE

            	 	 

    

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    Schedule
      A

    to

    AMENDED
      AND RESTATED OPERATING AGREEMENT

    of

    VAN
      DER MOOLEN SPECIALISTS USA, LLC

    Dated:
      as of April 23, 2007

     

    
      
        	
                MEMBERS

              
	
                 

                Name

              	
                 

                Address

              	
                Stated

                Capital
                  ($)

              	
                Profit
                  and Loss

                Percentage
                  (%)

              
	
                Mill
                  Bridge IV, LLC

              	
                45
                  Broadway, 32ND
                  Fl.

                New
                  York, NY 10006

              	
                *

              	
                84.4125

              
	
                Carmen
                  Barone

              	
                *

              	
                
                  *

                

              	
                *

              
	
                Jason
                  N. Blatt

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                William
                  T. Brazier

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Nicholas
                  Brigandi

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                James
                  J. Campanella

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Matthew
                  C. Cebulski

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Joseph
                  A. Creen, Jr.

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Christopher
                  S. Dearborn

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                James
                  E. DeMaira, Jr.

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Paul
                  D. Frankel

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Geoffrey
                  D. Friedman

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Robert
                  W. Grahame

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Stephen
                  R. Green

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Thomas
                  M. Greenhill

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              
	
                Mark
                  A. Innaimo

              	
                
                  *

                

              	
                
                  *

                

              	
                
                  *

                

              

      

    

    
 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              MEMBERS

            
	
               

              Name

            	
               

              Address

            	
              Stated

              Capital
                ($)

            	
              Profit
                and Loss

              Percentage
                (%)

            
	
              Matthew
                J. Mandola

            	
              *

            	
              *

            	
              *

            
	
              Matthew
                W. Markiewicz

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Scott
                E. Mazzella

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Michael
                J. McDonnell

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Scott
                E. McMahon

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              James
                L. Miller

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Nicholas
                R. Orlando

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Eric
                B. Osher

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              William
                C. Quinn

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Steven
                M. Rubinstein

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              James
                J. Scavone

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Thomas
                E. Scavone

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Brian
                K. Schaeffer

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Louis
                J. Spina

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Glen
                R. Surnamer

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              Joseph
                V. Talento

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	
              William
                P. White

            	
              
                *

              

            	
              
                *

              

            	
              
                *

              

            
	 	
              TOTAL

            	
              
                *

              

            	
              
                *

              

            

    

     

    6Exhibit
      4.11

     

     

     

    DATED
      24 July 2006

    

    

     

    

    

    HILLS
      INDEPENDENT TRADERS LIMITED

    

    

    

    

    VAN
      DER MOOLEN EQUITIES LIMITED

    

    

    

    

    BINCK
      N.V.

    

     

    

    

    

    

    ASSET
      PURCHASE AGREEMENT

    

    for

    

    the
      purchase of, and grant of an option to purchase, certain of the business and
      assets of

    Hills
      Independent Traders Limited

     

     

    

    

    
      

      

      Berwin
        Leighton Paisner LLP

      Adelaide
        House  London Bridge  London  EC4R
        9HA

      tel
        +44
        (0)20 7760 1000  fax +44 (0)20 7760 1111

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CONTENTS

     

    

    
      	
              1

            	
              Definitions
                and interpretation

            	
              3

            
	
              2

            	
              Sale
                of the Business, Assets, Securities Portfolio and Portfolio
                Contracts

            	
              13

            
	
              3

            	
              Excluded
                Assets

            	
              14

            
	
              4

            	
              Consideration

            	
              15

            
	
              5

            	
              The
                Option

            	
              16

            
	
              6

            	
              Escrow

            	
              16

            
	
              7

            	
              Exchange

            	
              19

            
	
              8

            	
              Completion

            	
              19

            
	
              9

            	
              Further
                obligations

            	
              19

            
	
              10

            	
              Effect
                of Completion and Costs

            	
              21

            
	
              11

            	
              Employees

            	
              21

            
	
              12

            	
              Warranties

            	
              21

            
	
              13

            	
              Relocation
                costs

            	
              27

            
	
              14

            	
              Further
                Assurance

            	
              27

            
	
              15

            	
              Assignment
                and succession

            	
              30

            
	
              16

            	
              Announcements

            	
              30

            
	
              17

            	
              Confidentiality

            	
              30

            
	
              18

            	
              Guarantee

            	
              32

            
	
              19

            	
              VAT

            	
              33

            
	
              20

            	
              Indemnities

            	
              33

            
	
              21

            	
              No
                merger

            	
              34

            
	
              22

            	
              Amendments
                and waivers

            	
              34

            
	
              23

            	
              Cumulative
                rights

            	
              35

            
	
              24

            	
              Contracts
                (Rights of Third Parties) Act 1999

            	
              35

            
	
              25

            	
              Costs

            	
              35

            
	
              26

            	
              Set-off,
                withholding tax and grossing-up

            	
              35

            
	
              27

            	
              Invalidity

            	
              36

            
	
              28

            	
              Counterparts

            	
              36

            
	
              29

            	
              Communications

            	
              36

            
	
              30

            	
              Entire
                agreement

            	
              38

            
	
              31

            	
              Continuing
                effect

            	
              38

            
	
              32

            	
              Proper
                law

            	
              38

            
	
              SCHEDULE
                1

            	
              39

            
	
              Part
                1 - Portfolio Contracts

            	
              39

            
	
              Part
                2 - Business Contracts

            	
              39

            
	
              SCHEDULE
                2 Employees

            	
              41

            
	
              SCHEDULE
                3 Warranties

            	
              43

            
	
              SCHEDULE
                4 Limitation on claims

            	
              52

            
	
              SCHEDULE
                5 Exchange

            	
              55

            
	
              SCHEDULE
                6 Completion

            	
              56

            
	
              SCHEDULE
                7 Conduct of the Business until Completion

            	
              57

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    DATED  24
      July 2006

     

    PARTIES

     

    
      	
              1

            	
              Seller

            	
              HILLS
                INDEPENDENT TRADERS LIMITED (Company number: 02329257), whose
                registered office is at The Quadrangle 2nd
                Floor  180 Wardour Street  London W1F
                8FY.

               

            
	
              2

            	
              Buyer

            	
              VAN
                DER MOOLEN EQUITIES LIMITED (Company number:
                04144283),  whose principal place of business is at 29th Floor,
                1 Canada Square, Canary Wharf, London, United Kingdom.

               

            
	
              3

            	
              Shareholder

            	
              BINCK
                N.V., Vijzelstraat 20, 1017 HK Amsterdam, The
                Netherlands.

            

    

     

    RECITALS

     

    
      	
              A.

            	
              The
                Seller owns and carries on for its own account the
                Business.

            

    

     

    
      	
              B.

            	
              The
                Buyer wishes to purchase, and the Seller wishes to
                sell:

            

    

     

    
      	
               

            	
              ·

            	
              the
                Assets and the Business as a going concern;
                and

            

    

     

    
      	
               

            	
              ·

            	
              an
                Option to acquire the Securities Portfolio and the benefit (subject
                to the
                burden) of the Portfolio Contracts,

            

    

     

    in
      each
      case, on the terms of this agreement.

     

    OPERATIVE
      PROVISIONS

     

    
      	
              1

            	
              Definitions
                and interpretation

            

    

     

    
      	
              1.1

            	
              In
                this agreement and the recitals, the following definitions
                apply:

            

    

    
    

    

    
      	 	
              Agreed
                Terms

            	
              in
                relation to any document, that document in the terms agreed between
                the
                parties and signed or initialled for identification purposes only
                by or on
                behalf of the Buyer and the Seller prior to the execution of this
                agreement;

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              Approved
                Person

            	
              a
                person approved to perform controlled functions in accordance with
                the
                requirements of FSMA;

               

            
	 	
              Assets

            	
              the
                assets of the Business described in clause 2.2
                but excluding the Excluded Assets;

               

            
	 	
              Assumed
                Liabilities

            	
              as
                defined in clause 10.3;

               

            
	 	
              Bad
                Leaver

            	
              as
                defined in clause 6.5;

               

            
	 	
              Business

            	
              all
                of the Seller's business consisting of equities and derivatives trading
                carried on by the Seller but excluding the Securities
                Portfolio;

               

            
	 	
              Business
                Contracts

            	
              the
                contracts of the Seller relating to the Business as listed in part
                2 of
                schedule 1, but excluding the Portfolio Contracts, contracts with
                Employees and contracts relating to the occupation of the
                Premises;

               

            
	 	
              Business
                Day

            	
              a
                day (other than a Saturday or Sunday) on which the clearing banks
                in the
                City of London are open for the transaction of general banking
                business;

               

            
	 	
              Business
                Information

            	
              all
                information proprietary to the Seller and relating to the Business
                and/or
                the Assets, Securities Portfolio and Portfolio Contracts and/or the
                activities, services, operations, management, administration and
                financial
                affairs of the Business including risk measurement, trading statistics,
                employment records and information relating to future business development
                or planning and litigation or legal advice, in whatever form that
                information may be recorded and on whatever media;

               

            
	 	
              Business
                Records

            	
              all
                books and records in written or other machine readable form (including
                computer disks or 

            

    

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              tapes)
                containing or relating to Business Information or on which such Business
                Information is recorded or relating to the Business, the Assets,
                the
                Securities Portfolio and/or the Portfolio Contracts but excluding
                the
                Retained Business Records;

               

            
	 	
              Buyer's
                Appointed Manager

            	
              as
                defined in clause 9.8;

               

            
	 	
              Buyer's
                Group

            	
              any
                of the following from time to time:  the Buyer, its subsidiaries
                and subsidiary undertakings and any holding company or parent undertaking
                of the Buyer and all other subsidiaries and subsidiary undertakings
                of any
                holding company or parent undertaking of the Buyer and "member of
                the Buyer's Group" shall be construed accordingly;

               

            
	 	
              Buyer’s
                Nominee

            	
              such
                person as the Buyer may nominate from time to time by notice to the
                Seller;

               

            
	 	
              Buyer’s
                Solicitors

            	
              Mayer,
                Brown, Rowe & Maw LLP (an English limited liability partnership),
                whose registered office is at 11 Pilgrim Street, London EC4V
                6RW;

               

            
	 	
              Completion

            	
              completion
                of the sale and purchase of the Business and the Assets in accordance
                with
                clause 8, together with, if the Option is
                exercised, the assignment of the Portfolio Contracts and the transfer
                of
                the Securities Portfolio in accordance with clause 5.3;

               

            
	 	
              Completion
                Date

            	
              close
                of business on the day Completion takes place;

               

            
	 	
              Compromise
                Agreements

            	
              the
                settlement letters to be entered into on or around the date of this
                agreement by the Seller and the Buyer with each of Stephen Hills
                and John
                Hale in connection with their employment by the Seller in the Agreed
                Terms;

               

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              Consideration

            	
              as
                defined in clause 4.1;

               

            
	 	
              Costs

            	
              as
                defined in clause 10.2;

               

            
	 	
              Disclosed

            	
              disclosed
                by the Disclosure Letter fairly and accurately and with sufficient
                particularity to enable the Buyer to assess the nature and scope
                of the
                matters disclosed and “Disclosure” shall be construed
                accordingly;

               

            
	 	
              Disclosure
                Letter

            	
              the
                disclosure letter together with its annexures in the Agreed Terms
                having
                the same date as this agreement from the Seller to the Buyer;

               

            
	 	
              Employees

            	
              those
                persons employed by the Seller in the Business, being those employees
                listed in schedule 2;

               

            
	 	
              Employment
                Regulations

            	
              the
                Transfer of Undertakings (Protection of Employment) Regulations
                2006;

               

            
	 	
              Encumbrance

            	
              includes
                any mortgage, charge, pledge, lien, rent charge, restriction, assignment,
                hypothecation, security interest, retention of title or any other
                agreement or arrangement the effect of which is the creation of security;
                or other interest of any description or nature, equity or any interest
                or
                legal or equitable right or claim of any third party (including any
                right
                to acquire, option, right of first refusal, right of pre-emption,
                right of
                conversion or right of set off), or any agreement or arrangement
                to create
                any of the foregoing;

               

            
	 	
              Escrow
                Accounts

            	
              the
                First Escrow Account and the Second Escrow Account;

               

            
	 	
              Escrow
                Agent

            	
              Buyer’s
                Solicitors;

               

            
	 	
              Escrow
                Letter

            	
              the
                escrow letter in the Agreed Terms between the Shareholder, the Buyer
                and
                the Buyer’s 

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              Solicitors;

               

            
	 	
              Exchange
                Date

            	
              24
                July 2006 being the date that the parties sign and deliver this agreement
                to each other;

               

            
	 	
              Excluded
                Assets

            	
              those
                assets listed in clause 3;

               

            
	 	
              Excluded
                Liabilities

            	
              as
                defined in clause 10.3;

               

            
	 	
              First
                Escrow Account

            	
              as
                defined in the Escrow Letter;

               

            
	 	
              FSA

            	
              Financial
                Services Authority;

               

            
	 	
              FSMA

            	
              Financial
                Services and Markets Act 2000;

               

            
	 	
              Give-up
                Trade

            	
              a
                transaction entered into by the Seller pursuant to an industry standard
                form give up agreement whereby the Seller executes a trade on behalf
                of a
                Euronext.liffe member, and then passes the transaction to that member’s
                clearing broker to arrange settlement of the trade;

               

            
	 	
              Good
                Leaver

            	
              an
                Employee whose employment terminates by reason of:

               

              (a)             retirement
                on or after normal retirement date;

               

              (b)             ill
                health, whether through sickness or injury, for a period of six
                consecutive months or 270 days in any 52 weeks where the Buyer considers
                that the ill-health prevents him continuing his role at the
                Buyer;

               

              (c)             redundancy
                or dismissal following a reorganisation of the Buyer; or

               

              (d)             termination
                by the Buyer when the termination is not on the grounds of gross
                misconduct;

               

            
	 	
              HMRC

            	
              Her
                Majesty’s Revenue and Customs (which shall

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              include
                its predecessors, the Inland Revenue and HM Customs and
                Excise);

               

            
	 	
              Intellectual
                Property Rights

            	
              all
                intellectual property rights, including copyright and rights in the
                nature
                of copyright, database rights, design rights, patents, trade marks
                (including all goodwill in them), moral rights, know-how, confidential
                information, and any other intellectual or industrial property rights,
                whether now known or in the future arising, and whether subsisting
                in the
                United Kingdom or any other part of the world, in all cases whether
                or not
                registered or registrable  and including registrations and
                applications for registration of any of the above and rights to apply
                for
                the same and all rights and forms of protection of a similar nature
                or
                having equivalent or similar effect to any of the above anywhere
                in the
                world, used in or has been developed for use in or is required or
                intended
                for use in, or in connection with, the Business;

               

            
	 	
              Late
                Completion Service Charge

            	
              as
                defined in clause 10.8;

               

            
	 	
              Longstop
                Date

            	
              31
                March 2007;

               

            
	 	
              Losses

            	
              in
                respect of any matter, event or circumstance includes all demands,
                claims,
                actions, proceedings, damages, payments, losses, costs, expenses
                or other
                liabilities;

               

            
	 	
              Merrill
                Lynch

            	
              Merrill
                Lynch International whose registered office is at the Merrill Lynch
                Financial Centre, 2 King Edward Street, London, EC1A 1HQ;

               

            
	 	
              Month

            	
              a
                calendar month;

               

            
	 	
              Option

            	
              the
                right of the Buyer to require the transfer of the Securities Portfolio
                and
                the assignment of the 

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              Portfolio
                Contracts from the Seller to the Buyer (or the Buyer's Nominee) on
                giving
                the Option Notice;

               

            
	 	
              Option
                Price

            	
              £3,015,688
                (three million, fifteen thousand, six hundred and eighty eight pounds
                sterling) exclusive of VAT;

               

            
	 	
              Option
                Notice

            	
              the
                notice in writing to be given by the Buyer to the Seller if the Buyer
                wishes to exercise the Option;

               

            
	 	
              Outgoings

            	
              as
                defined in clause 10.7;

               

            
	 	
              Particulars
                of Employment

            	
              in
                relation to each Employee:

               

              (a) 
                    a copy of the written service agreement of the Employee
                or (as appropriate) of the particulars of employment applicable and
                issued to such Employee;

               

              (b) 
                    the age, sex and date of commencement of employment of
                the Employee including any employment with a previous employer which
                counts as continuous employment for the purposes of the Employment
                Rights
                Act 1996;

               

              (c)     
                particulars of any collective agreement affecting the terms of employment
                of the Employee including disciplinary or grievance procedures and
                any
                procedures to be followed in the case of redundancy or
                dismissal;

               

            
	 	
              Performance
                Criteria

            	
              the
                performance criteria applicable to the Traders in
                the Agreed Terms;

               

            
	 	
              Portfolio
                Contracts

            	
              the
                contracts of the Seller relating to the

            

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              Securities
                Portfolio as listed in part 1 of schedule 1;

               

            
	 	
              Premises

            	
              the
                premises from which the Business is conducted at 7 Birchin Lane,
                London,
                EC3V 9BW;

               

            
	 	
              Retained
                Business Records

            	
              all
                accounting and tax records which the Seller is required to retain
                to
                fulfil its tax or accounting reporting or record keeping
                obligations;

               

            
	 	
              Second
                Escrow Account

            	
              as
                defined in the Escrow Letter;

               

            
	 	
              Securities
                Portfolio

            	
              all
                accounts held by the Seller at its clearing agent Merrill Lynch,
                including
                (i) all cash balances, outstanding settlements, investments (as defined
                in
                FSMA (Regulated Activities) Order 2001), physical commodities (or
                any
                certificates or documents of or evidencing title to any of the same),
                interest, distributions and dividends and (ii) all profit and/or
                losses
                (whether held by Merrill Lynch or otherwise) generated by, in or
                from the
                Business from the Exchange Date;

               

            
	 	
              Seller’s
                Group

            	
              any
                of the following from time to time: the Seller, its subsidiaries
                and
                subsidiary undertakings and any holding company or parent undertaking
                of
                the Seller and all other subsidiaries and subsidiary undertakings
                of any
                holding company or parent undertaking of the Seller and "member of
                the Seller's Group" shall be construed accordingly;

               

            
	 	
              Seller’s
                Solicitors

            	
              Berwin
                Leighton Paisner LLP, Adelaide House  London Bridge, London EC4R
                9HA, tel: 020 7760 1000;

               

            
	 	
              Tax
                or Taxation

            	
              means
                and includes all forms of taxation and statutory, governmental, supra
                governmental, state, local governmental or municipal impositions,
                duties,
                contributions, deductions, 

               

            

    

     

    
 

    
      
        
        

      

      
        10

        
          

        

      

       

      
        
        

      

    

    
      	 	 	
              withholdings
                and levies whether of the United Kingdom or elsewhere whenever imposed
                and
                all penalties, charges, costs and interest relating to any of
                them;

               

            
	 	
              Tax
                Authority

            	
              any
                Tax or other authority, body or person (whether inside or outside
                the
                United Kingdom) competent to impose any liability to Tax;

               

            
	 	
              Traders

            	
              those
                of the Employees described as traders in schedule 2;

               

            
	 	
              VAT

            	
              value
                added tax as provided for in VATA and any tax similar to that tax
                imposed
                in addition to or in substitution for it at the rate(s) from time
                to time
                imposed;

               

            
	 	
              VATA

            	
              Value
                Added Tax Act 1994;

               

            
	 	
              VAT
                Regulations

            	
              Value
                Added Tax Regulations 1995 (SI 1995/2518); and

               

            
	 	
              Warranties

            	
              the
                warranties set out in clause 12.1 and
                schedule 3.

            

    

     

    
      	
              1.1

            	
              A
                reference to a statute or statutory provision includes a reference
                to:

            

    

     

    
      	
               

            	
              1.1.1

            	
              a
                statutory amendment, consolidation or re-enactment, modification
                or
                replacement made;

            

    

     

    
      	
               

            	
              1.1.2

            	
              statutory
                instruments or subordinate legislation or orders made under the statute
                or
                statutory provision; and

            

    

     

    
      	
               

            	
              1.1.3

            	
              statutes
                or statutory provisions of which the statute or statutory provision
                is an
                amendment, consolidation or re-enactment, modification or
                replacement,

            

    

     

    in
      force
      under any of the same from time to time except to the extent that any
      consolidation, re-enactment, modification or replacement enacted after the
      Exchange Date would extend or increase the liability of any party to another
      under this agreement.

     

    
      	
              1.2

            	
              References
                to a statutory provision or to a legal or accounting principle applying
                under English law shall, where the context requires, be treated as
                including references to the 

            

    

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	 	
              nearest
                corresponding provision or principle in the local jurisdiction and
                references to a governmental, local governmental or administrative
                authority or agency in the United Kingdom shall be treated as including
                references to the nearest equivalent governmental, local governmental
                or
                administrative authority or agency in that
                jurisdiction.

            

      	 	 

      	
              1.3

            	
              In
                this agreement, unless the context requires otherwise, any reference
                to:

            

    

     

    
      	
               

            	
              1.3.1

            	
              references
                to a company shall be construed so as to include any company, corporation
                or other body corporate wherever and however incorporated and
                established;

            

    

     

    
      	
               

            	
              1.3.2

            	
              a
                document is to that document as varied, supplemented or replaced
                from time
                to time;

            

    

     

    
      	
               

            	
              1.3.3

            	
              one
                gender includes all genders;

            

    

     

    
      	
               

            	
              1.3.4

            	
              indemnify
                and to indemnifying any person against any Losses by reference to
                an event
                or circumstance includes indemnifying and keeping him indemnified
                against
                all Losses from time to time made, suffered or incurred by that person
                as
                a consequence of or which would not have arisen but for that event
                or
                circumstance;

            

    

     

    
      	
               

            	
              1.3.5

            	
              a
                party or the parties is to a party or the parties (as the case may
                be) to
                this agreement and shall include any permitted assignees of a
                party;

            

    

     

    
      	
               

            	
              1.3.6

            	
              a
                person includes any legal or natural person, individual, firm,
                corporation, unincorporated association, association, partnership,
                joint
                venture (whether or not having a separate legal personality), trust,
                company, government or local authority department, state or agency
                of
                state or other body (whether corporate or
                unincorporate);

            

    

     

    
      	
               

            	
              1.3.7

            	
              a
                person includes a reference to that person's personal representatives,
                legal representatives and
                successors

            

    

     

    
      	
               

            	
              1.3.8

            	
              the
                singular includes the plural and vice
                versa;

            

    

     

    
      	
               

            	
              1.3.9

            	
              Sterling
                or £ or pounds is to the lawful currency of the United
                Kingdom;

            

    

     

    
      	
               

            	
              1.3.10

            	
              a
                statutory or regulatory body shall include its successors and any
                substituted body;

            

    

     

    
      	
               

            	
              1.3.11

            	
              a
                time of the day is to London time;
                and

            

    

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              1.3.12

            	
              writing
                shall include any modes of reproducing words in a legible and
                non-transitory form.

            

    

     

    
      	
              1.4

            	
              Unless
                otherwise stated, a reference to a clause, sub-clause or schedule
                is a
                reference to a clause or sub-clause of, or schedule to, this agreement,
                a
                reference to a part or a paragraph of a schedule is to a part or
                a
                paragraph of that schedule and a reference to this agreement includes
                its
                schedules, which form part of this agreement for all
                purposes.

            

    

     

    
      	
              1.5

            	
              The
                contents page and headings in this agreement are for ease of reference
                only and do not affect its interpretation or
                construction.

            

    

     

    
      	
              1.6

            	
              In
                construing this agreement the so-called ejusdem generis rule does
                not apply and accordingly the interpretation of general words shall
                not be
                restricted by words indicating a particular class, matter or things
                or
                particular examples.

            

    

     

    
      	
              1.7

            	
              In
                this agreement, unless the context otherwise requires, words and
                expressions defined in the Companies Act 1985 shall bear the meaning
                ascribed to them in that Act.

            

    

     

    
      	
              2

            	
              Sale
                of the Business, Assets, Securities
                Portfolio and Portfolio
                Contracts

            

    

     

    
      	
              2.1

            	
              Subject
                to the terms of this agreement, the Seller agrees to sell and the
                Buyer
                (relying on the Warranties and the other obligations of the Seller
                under
                this agreement) agrees to purchase:

            

    

     

    
      	
               

            	
              2.1.1

            	
              from
                the Exchange Date, the Option; and

            

    

     

    
      	
               

            	
              2.1.2

            	
              from
                the Completion Date and in each case as subsisting at the Completion
                Date:

            

    

     

    
      
        	
                 

              	
                2.1.2.1

              	
                
                  the
                    Business as a going concern;

                

              

        	 	 	 

        	 	2.1.2.2	the
                Assets; and

        	 	 	 

        	 	
                2.1.2.3

              	
                if
                  the Option has been exercised by Buyer in accordance with clause
5:

              

        	 	 	 

        	 	 	(a)         
                the
                Securities Portfolio; and

        	 	 	 

        	 	 	
                (b)         
                  the
                  benefit (subject to the burden) of the Portfolio
                  Contracts.

              

      

       

    

    
      	
              2.2

            	
              The
                Assets shall comprise the following assets (except insofar as they
                are
                Excluded Assets):

            

    

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              2.2.1

            	
              the
                Intellectual Property Rights;

            

    

     

    
      	
               

            	
              2.2.2

            	
              the
                benefit (subject to the burden) of the Business
                Contracts;

            

    

     

    
      	
               

            	
              2.2.3

            	
              the
                benefit (so far as the same can be assigned or transferred to or
                held in
                trust for the Buyer) of all rights and claims of the Seller under
                any
                warranties, conditions, representations, guarantees or indemnities
                in
                favour of the Seller in respect of the
                Business;

            

    

     

    
      	
               

            	
              2.2.4

            	
              the
                Business Information;

            

    

     

    
      	
               

            	
              2.2.5

            	
              the
                Business Records;

            

    

     

    
      	
               

            	
              2.2.6

            	
              sundry
                items located at the Premises (up to a maximum value of £20,000) agreed in
                writing by the Buyer and the Seller prior to Completion;
                and

            

    

     

    
      	
               

            	
              2.2.7

            	
              all
                other rights and assets of the Seller used, enjoyed or exercised
                in
                connection with the Business and not otherwise specified in this
                clause 2.2 or specifically excluded under clause
3.

            

    

     

    
      	
              2.3

            	
              Risk
                in the Assets shall pass to the Buyer on the Exchange
                Date.

            

    

     

    
      	
              2.4

            	
              Title
                to the Assets shall pass to the Buyer (or the Buyer's Nominee) on
                Completion.

            

    

     

    
      	
              2.5

            	
              If
                the Option is exercised by the Buyer in accordance with clause 5, risk in and title to the Securities
                Portfolio
                and the Portfolio Contracts shall pass to the Buyer (or the Buyer's
                Nominee) on Completion in accordance with clause 5.3.

            

    

     

    
      	
              2.6

            	
              The
                sale and purchase of:

            

    

     

    
      	
               

            	
              2.6.1

            	
              each
                of the Assets; and

            

    

     

    
      	
               

            	
              2.6.2

            	
              if
                the Option has been exercised in accordance with clause 5, the Securities Portfolio and each
                of the
                Portfolio Contracts,

            

    

     

    shall
      be
      interdependent and completed simultaneously on the Completion Date.

     

    
      	
              3

            	
              Excluded
                Assets

            

    

     

    
      	
              3.1

            	
              Nothing
                in this agreement shall operate to transfer any assets or rights
                of the
                Seller other than those referred to in clause 2 but in any event there shall be expressly
                excluded and excepted from this sale and purchase of the Business
                and
                retained by the Seller and, 

            

    

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

       

      
        	
              	
                notwithstanding
                  any other provision in this agreement, nothing in this agreement
                  shall
                  operate to transfer:

              

      

    

     

    
      	 	
              3.1.1 

            	
              any
                asset, right or claim of the Seller having no use in or relevance
                to the
                Business after the Exchange Date including, without limitation, claims
                for
                recoveries following frauds, tax or any rights to make claims against
                third parties, or VAT repayments in each case arising before the
                Exchange
                Date;

            

      	 	 	 

      	
               

            	
              3.1.2

            	
              any
                interest in land or buildings enjoyed or used by the
                Seller;

            

    

     

    
      	
               

            	
              3.1.3

            	
              any
                cash (including, without limitation, the consideration paid by the
                Buyer
                for the Option pursuant to clause 4.1.2 and
                all interest accrued thereon), debtors of the Business, credit balances,
                cheques, bills of exchange, stocks, shares, promissory notes, negotiable
                instruments or other securities save
                for:

            

    

     

    
      	
               

            	
              3.1.3.1

            	
              if
                the Option is exercised in accordance with clause 5, those included within the Securities
                Portfolio at the Completion Date;
                and/or

            

    

     

    
      	
               

            	
              3.1.3.2

            	
              those
                generated or acquired by the Business after the Exchange Date otherwise
                than in the Securities Portfolio;

            

    

     

    
      	
               

            	
              3.1.4

            	
              the
                benefit of all policies of assurance, insurance, indemnity and trade
                credit insurance arising from events occurring before the Exchange
                Date or
                after the Completion Date;

            

    

     

    
      	
               

            	
              3.1.5

            	
              all
                shares and investments in subsidiary or associated companies and
                any
                claim, book debt or receivable relating to
                them;

            

    

     

    
      	
               

            	
              3.1.6

            	
              all
                equipment located at the Premises other than any sundry items (up
                to a
                maximum value of £20,000) that the Buyer and the Seller agree in writing
                prior to Completion; and

            

    

     

    
      	
               

            	
              3.1.7

            	
              if
                the Option is not exercised in accordance with clause 5, the Securities Portfolio and the
                Portfolio
                Contracts.

            

    

     

    
      	
              4

            	
              Consideration 

            

    

     

    
      	
              4.1

            	
              The
                Consideration shall be:

            

    

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              4.1.1

            	
              for
                the sale of the Business and the Assets, the sum of £1 exclusive of VAT,
                which shall be satisfied in cash on the Exchange Date or as soon
                as
                reasonably practicable thereafter and in any event within two Business
                Days of the Exchange Date; plus

            

    

     

    
      	
               

            	
              4.1.2

            	
              for
                the grant of the Option, the Option Price less £115,000, being the amount
                due from the Seller to the Buyer pursuant to clause 13, which shall be satisfied in cash
                on the
                Exchange Date or as soon as reasonably practicable thereafter and
                in any
                event within two Business Days of the Exchange Date by the payment
                by way
                of electronic transfer to the Seller’s Solicitors' bank account: Barclays
                Bank plc, 50 Pall Mall, PO Box 15161 London SW1A 1QA, sort code:
                20-65-82,  Berwin Leighton Paisner LLP client account number
                50089753, reference ALEV/24362/1.

            

    

     

    
      	
              5

            	
              The
                Option

            

    

     

    
      	
              5.1

            	
              The
                Seller grants to the Buyer the Option for the Option Price.  The
                Option shall be exercisable as set out
                below.

            

    

     

    
      	
              5.2

            	
              The
                Option shall be exercisable by the Buyer on or before the Completion
                Date
                by the giving of the Option Notice to the
                Seller.

            

    

     

    
      	
              5.3

            	
              Receipt
                of the Option Notice by the Seller shall cause to come into effect
                a
                binding unconditional contract for the transfer of the Securities
                Portfolio and the assignment of the Portfolio Contracts from the
                Seller to
                the Buyer (or the Buyer's Nominee) at Completion for £1, which shall be
                satisfied in cash, in accordance with the terms of this
                agreement.

            

    

     

    
      	
              6

            	
              Escrow

            

    

     

    
      	
              6.1

            	
              The
                Buyer will procure that the Escrow Accounts will be operated by the
                Buyer's Solicitors in accordance with the Escrow Letter.  The
                Buyer's Solicitors shall only be responsible for their own acts or
                omissions in accordance with the provisions of the Escrow
                Letter.

            

    

     

    
      	
              6.2

            	
              On
                Completion, the Seller shall pay £169,200 into the First Escrow Account
                and £200,000 into the Second Escrow Account by way of telegraphic transfer
                to the Buyers' Solicitors' bank account: The Royal Bank of Scotland
                (Blackfriars Branch), 36-37 New Bridge Street, London EC4V 6BJ, sort
                code:
                16-00-19, Mayer, Brown, Rowe & Maw LLP clients account number
                12311038.

            

    

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              6.3

            	
              The
                Buyer will procure that no amount (including interest) shall be paid
                out
                of the Escrow Accounts save as expressly permitted under this agreement
                or
                the Escrow Letter.

            

    

     

    
      	
              6.4

            	
              The
                Buyer will procure that payments are made out of the Escrow Accounts
                as
                follows:

            

    

     

    
      	
               

            	
              6.4.1

            	
              from
                the First Escrow Account:

            

    

     

    
      
        	
                 

              	
                
                  6.4.1.1

                

              	
                
                  save
                    as provided in clause 6.5, £75,000 shall be
                    paid to each of Stephen Hills and John Hale (each such payment
                    being a
                    “Loyalty Payment”).  Each
                    Loyalty Payment, together with interest accrued thereon and less
                    such
                    deductions as the Buyer is required by law to make (other than
                    the Buyer's
                    employer's national insurance contribution liability), shall
                    be paid
                    within 10 Business Days after the earlier
                    of:

                

              

      

      
         

        
          
            	
                     

                  	
                    
                      (a) 

                    

                  	
                    
                      the
                        first anniversary of the Exchange Date;
                        and

                    

                  

            	 	 	 

            	 	(b)	receipt
                    by Stephen Hills and/or John Hale (as the case may be) of a notice
                    of
                    termination of their employment by the Buyer in circumstances
                    where they
                    are a Good Leaver; and

            	 

          

        

      

      
        	 	6.4.1.2	in
                respect of each Loyalty Payment made, a further £9,600 together with
                interest accrued thereon (“Employer's NIC Payment”) shall
                be paid to the Buyer.  The Employer's NIC Payment is to be paid
                at the same time as the Loyalty Payment.  The Buyer undertakes
                to use each such Employer's NIC Payment to settle the Buyer's employer's
                national insurance contribution liability arising in respect of the
                relevant Loyalty Payment; and

      

       

    

    
      	
               

            	
              6.4.2

            	
              from
                the Second Escrow Account:

            

    

    
       

      
        
          	
                   

                	
                  
                    6.4.2.1

                  

                	
                  
                    
                      £100,000
                        (together with all interest accrued thereon) paid to the
                        Traders as a
                        retention/loyalty bonus within 10 Business Days after the
                        first
                        anniversary of the Exchange Date, such amount to be apportioned
                        in
                        accordance with the Performance Criteria between the Traders
                        who remain in
                        the employment of the Buyer on the first anniversary of the
                        Exchange Date
                        (save that a Trader who has had his employment terminated
                        for whatever
                        reason and is on his notice period on the first
                        

                    

                  

                

        

         

      

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      
        
          	 	 	anniversary
                  of the Exchange Date will not be entitled to receive any payment,
                  which
                  payment shall instead be apportioned to the remaining Traders in
                  accordance with the Performance Criteria); and

          	 	 	 

          	
                   

                	
                  
                    
                      6.4.2.2

                    

                  

                	
                  
                    
                      £100,000
                        (together with all interest accrued thereon) to be payable
                        to the Traders
                        as a retention/loyalty bonus within 10 Business Days after
                        the second
                        anniversary of the Exchange Date, such amount to be apportioned
                        in
                        accordance with the Performance Criteria between the Traders
                        who remain in
                        the employment of the Buyer on the second anniversary of
                        the Exchange Date
                        (save that a Trader who has had his employment terminated
                        for whatever
                        reason and is on his notice period on the second anniversary
                        of the
                        Exchange Date will not be entitled to receive any payment,
                        which payment
                        shall instead be apportioned to the remaining Traders in
                        accordance with
                        the Performance
                        Criteria).

                    

                  

                

        

        
           

        

      

    

    
      	
              6.5

            	
              If
                either Stephen Hills or John Hale (or both) terminate his / their
                employment by notice or otherwise ceases to be employed by the Buyer
                except as a Good Leaver (“Bad Leaver”) on or after the
                Exchange Date but prior to the first anniversary of the Exchange
                Date no
                Loyalty Payment shall be due to such Bad
                Leaver.

            

    

     

    
      	
              6.6

            	
              In
                advance of a payment becoming due pursuant to clause 6.4, the Buyer shall request that such
                payment
                is made by the Escrow Agent by notice in writing to the Escrow Agent
                in
                accordance with the Escrow
                Agreement.

            

    

     

    
      	
              6.7

            	
              If
                and to the extent the payments due under clause 6.4.1 have been made or are no longer
                due, then
                any balance remaining in the First Escrow Account shall be paid to
                the
                Buyer (together with all interest accrued thereon) from the First
                Escrow
                Account by way of electronic transfer for same day value as soon
                as
                reasonably practicable and in any event within 10 Business Days after
                all
                of the payments to be made from the First Escrow Account have been
                made or
                are no longer due.

            

    

     

    
      	
              6.8

            	
              If
                and to the extent the payments due under clause 6.4.2 have been made or are no longer
                due, then
                any balance remaining in the Second Escrow Account shall be paid
                to the
                charity Children with Leukaemia (together with all interest accrued
                thereon) from the Second Escrow Account by way of electronic transfer
                for
                same day value as soon as reasonably practicable and in any event
                within
                10 Business Days after all of the payments to be made from the Second
                Escrow Account have been made or are no longer
                due.

            

    

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	
              7

            	
              Exchange

            

    

     

    Execution
      of this agreement shall take place at the offices of the Seller’s Solicitors on
      the Exchange Date and the Seller and the Buyer shall do those things listed
      in
      schedule 5.

     

    
      	
              8

            	
              Completion

            

    

     

    
      	
              8.1

            	
              Completion
                of this agreement shall take place on the date determined in accordance
                with the provisions of clause 9.7.  On the Completion Date, the
                Seller and the Buyer shall do those things listed in schedule
                6.

            

    

     

    
      	
              8.2

            	
              If
                the Option is exercised in accordance with clause 5, the Seller shall be entitled to receive
                from
                Merrill Lynch such amount of the cash balance of the Securities Portfolio
                to be transferred to the Buyer as is equal to the Costs, in satisfaction
                in whole or, in the event that the Costs exceed the cash balance
                of the
                Securities Portfolio, in part, of the Buyer's obligation to pay the
                Costs
                to the Seller pursuant to clause
                10.2.

            

    

     

    
      	
              8.3

            	
              If
                the Option is not exercised in accordance with clause 5, the Buyer shall forthwith pay to
                the Seller
                the Costs pursuant to clause 10.2, or if the cash balance of the
                Securities Portfolio is not sufficient to meet the Costs, the Buyer
                shall
                forthwith pay to the Seller the outstanding balance of Costs pursuant
                to
                clause 10.2.

            

    

     

    
      	
              8.4

            	
              If
                the Costs cannot be definitively determined or agreed at Completion,
                the
                parties shall agree an estimate of Costs in good faith for the purposes
                of
                clauses 8.2 and 8.3.  Once
                a final account of Costs is
                agreed between the parties, the parties shall make any payments to
                each
                other required to put them in the position they would have been in
                had the
                Costs been definitively determined or agreed at Completion.  If
                the Seller and the Buyer are unable to reach agreement within 15
                Business
                Days of the Completion Date, the matter shall be resolved in accordance
                with clause 10.9.

            

    

     

    
      	
              8.5

            	
              Notwithstanding
                the obligations of the Seller listed in schedule 6, the Seller will,
                if so
                required in writing by the Buyer, transfer anything that it is obliged
                to
                transfer to the Buyer pursuant to schedule 6 instead directly to
                the
                Buyer's Nominee in satisfaction of its obligations pursuant to clause
8.1.

            

    

     

    
      	
              9

            	
              Further
                obligations

            

    

     

    
      	
              9.1

            	
              The
                Seller and the Buyer agree that with effect from the Completion Date,
                the
                Buyer shall become entitled to all of the rights and benefits (subject
                to
                the associated obligations) of the Seller in respect of the Business
                and
                Assets and, if the Option has been exercised the Securities Portfolio
                and
                the Portfolio Contracts, in accordance with clause 2.1.

            

    

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
              9.2

            	
              The
                Buyer shall use its reasonable endeavours to, and the Seller shall
                use its
                reasonable endeavours to assist the Buyer to, obtain as soon as is
                reasonably practicable after the Exchange
                Date:

            

    

     

    
      	
               

            	
              9.2.1

            	
              any
                FSA consents or waivers required by the Buyer;
                and

            

    

     

    
      	
               

            	
              9.2.2

            	
              such
                third party consents or novations as may be required to assign the
                Business Contracts and, in anticipation of the potential exercise
                of
                the  Option, the Portfolio Contracts  to the
                Buyer.

            

    

     

    
      	
              9.3

            	
              Subject
                to the first fixed charge of Merrill Lynch pursuant to the prime
                brokerage
                Portfolio Contract, if any consent referred to in clause 9.2.2 is refused or otherwise not obtained
                prior
                to Completion then until such consent shall be
                obtained:

            

    

     

    
      	
               

            	
              9.3.1

            	
              the
                Seller will, from the Completion Date, hold the monies and other
                benefits
                or profits received under the Business Contracts and, if the Option
                has
                been exercised the Portfolio Contracts as trustee for the Buyer and
                will,
                immediately upon receipt of the same, account for and pay or deliver
                to
                the Buyer without any deduction or withholding whatsoever all those
                monies
                and other benefits (for the avoidance of doubt any payments made
                by the
                Seller under this clause shall be gross without any deduction for
                tax);
                and

            

    

     

    
      	
               

            	
              9.3.2

            	
              the
                Buyer shall (if sub contracting or agency is permissible under the
                relevant Business Contract) as the Seller's sub contractor or agent
                perform on behalf of the Seller all the obligations arising after
                the
                Completion Date to the extent Disclosed (including in the documents
                annexed to the Disclosure Letter).

            

    

     

    
      	
              9.4

            	
              Nothing
                in this agreement shall:

            

    

     

    
      	
               

            	
              9.4.1

            	
              require
                the Buyer to perform any obligations or discharge any liabilities
                created
                by or arising under any Business Contracts insofar as such obligations
                or
                liabilities fall due to be performed before the Exchange Date;
                or

            

    

     

    
      	
               

            	
              9.4.2

            	
              make
                the Buyer liable for any act, neglect, default or omission in respect
                of
                any Business Contracts committed by the Seller or occurring before
                the
                Exchange Date.

            

    

     

    
      	
              9.5

            	
              The
                Seller shall indemnify the Buyer from and against any Losses in connection
                with any act or thing done or omitted to be done by the Seller prior
                to
                the Exchange Date in 

            

    

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	 	relation
              to the Business, the Business Contracts, the Securities Portfolio and
              the
              Portfolio Contracts.

      	 	 

      	
              9.6

            	
              Between
                Exchange and Completion the Buyer may serve notice on the Seller
                at any
                time after any relevant third party consents or agreement to novate
                is
                obtained requiring the Seller to execute an assignment or a novation
                (in
                terms reasonably required by the Buyer) of a Business Contract to
                or in
                favour of the Buyer, and the Seller will arrange for the execution
                of such
                assignment or novation and its delivery to the Buyer not later than
                five
                Business Days after the receipt either of such notice or of the
                engrossment of such assignment or novation by the Seller (or the
                Seller’s
                Solicitors) whichever is the later.

            

    

     

    
      	
              9.7

            	
              Immediately
                upon the provisions of clause 9.2 being met
                or waived by the Buyer, the Buyer shall give notice in writing to
                the
                Seller that the Buyer wishes to complete the acquisition of the Business
                and Assets.  Receipt by the Seller of such notice will operate
                to effect Completion of this agreement on the date specified
                therein.  If no such notice is served before the Longstop Date,
                Completion shall take place on the Longstop
                Date.

            

    

     

    
      	
              9.8

            	
              During
                the period commencing on the Exchange Date and ending on the Completion
                Date, the Buyer shall have the right to appoint a manager of the
                Business
                (the “Buyer's Appointed Manager”) and to remove any such
                person so appointed, and to appoint a replacement in his place from
                time
                to time at the Buyer's sole
                discretion.

            

    

     

    
      	
              9.9

            	
              The
                Seller shall at all times during this period permit the Buyer's Appointed
                Manager to participate in the day-to-day management of the Business,
                including:

            

    

     

    
      	
               

            	
              9.9.1

            	
              any
                communication or discussions with any of the Employees concerning
                their
                salary, bonus, terms, conditions, holiday, transfer pursuant to the
                Employment Regulations, any disciplinary or other grievance (whether
                formal or informal) proceedings and/or any other matter concerning
                any of
                the Employees; and

            

    

     

    
      	
               

            	
              9.9.2

            	
              any
                risk policy for trading in the Securities Portfolio or for any other
                activities in relation to the Securities
                Portfolio.

            

    

     

    
      	
              9.10

            	
              The
                Seller undertakes to the Buyer that it shall, from the Exchange Date
                until
                the Completion Date, comply with the provisions of schedule
                7.

            

    

     

    
      	
              9.11

            	
              As
                from the Exchange Date, the Buyer and any persons authorised by it,
                upon
                reasonable notice to the Seller shall be given full access to the
                Business
                Records and the Retained Business Records and the Premises from which
                the
                Business is operated and the Employees shall be instructed to give
                promptly all such information and explanations to
                

            

    

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	 	the
              Buyer or those persons in relation to the Business as the Buyer or
              those
              persons may reasonably request.

      	 	 

      	
              9.12

            	
              The
                Seller shall maintain in place all insurance policies relating to
                the
                Business between the Exchange Date and
                Completion.

            

    

     

    
      	
              9.13

            	
              The
                Buyer shall be entitled by notice in writing to the Seller to require
                the
                Seller to procure that as soon as reasonably practicable, the Business,
                Assets and Employees are re-located from the Premises to another
                suitable
                location designated by the Buyer in its absolute discretion and for
                the
                avoidance of doubt, the parties agree that all costs incurred by
                the
                Seller in respect of the said re-location shall be included within
                the
                meaning of Assumed Liabilities for the purposes of clause 10.3.1.

            

    

     

    
      	
              10

            	
              Effect
                of Completion and Costs

            

    

     

    
      	
              10.1

            	
              On
                Completion being effected in accordance with the terms of clause
8:

            

    

     

    
      	
               

            	
              10.1.1

            	
              the
                Seller and the Buyer agree that the Seller shall be treated as having
                carried on the Business and, if the Option has been exercised, the
                Securities Portfolio having been traded, as from the Exchange Date
                and
                until Completion for the benefit and account of the
                Buyer;

            

    

     

    
      	
               

            	
              10.1.2

            	
              the
                Seller shall further be treated as having held the Assets and, if
                the
                Option has been exercised, the Portfolio Contracts, in trust for
                the
                Buyer; and

            

    

     

    
      	
               

            	
              10.1.3

            	
              the
                Seller and the Buyer shall account to and indemnify each other
                accordingly, to the intent that all the benefits and liabilities
                arising
                from (i) the carrying on of the Business, and (ii) if the Option
                has been
                exercised, the trading of the Securities Portfolio, in each case
                from the
                Exchange Date, shall accrue to and be borne by the
                Buyer.

            

    

     

    
      	
              10.2

            	
              The
                Seller shall keep a full and proper account of all Costs and shall
                deliver
                to the Buyer the same as soon as possible once a date for Completion
                has
                been set or determined.  The Buyer agrees to pay to the Seller
                the Costs as soon as reasonably practicable after Completion in accordance
                with clauses 8.2 and 8.3.  In this
                agreement,
                “Costs” means the Assumed
                Liabilities up to Completion plus the Outgoings plus the Late Completion
                Service Charge.

            

    

     

    
      	
              10.3

            	
              In
                this agreement, “Assumed
                Liabilities” means:

            

    

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              10.3.1

            	
              all
                obligations and liabilities of the Seller incurred in connection
                with the
                Business and the Assets arising after the Exchange Date save for
                any
                obligations or liabilities of the Seller resulting from a breach
                by the
                Seller of the provisions of schedule
                7;

            

    

     

    but
      shall
      in any event exclude the following liabilities (“Excluded
      Liabilities”):

     

    
      	
               

            	
              10.3.2

            	
              any
                liabilities incurred in relation to any of the Excluded
                Assets;

            

    

     

    
      	
               

            	
              10.3.3

            	
              any
                liabilities or obligations expressly stated in this agreement to
                be borne
                by the Seller or in respect of which the Seller has agreed to indemnify
                the Buyer whether under this agreement or otherwise;
                and

            

    

     

    
      	
               

            	
              10.3.4

            	
              subject
                to clause 10.10, Tax of any kind in respect
                of any income, profits or gains of the Seller or for which the Seller
                is
                otherwise liable.

            

    

     

    
      	
              10.4

            	
              Nothing
                in this agreement shall be construed as an acceptance or assumption
                by the
                Buyer of any liability or obligation which is not expressly assumed
                by the
                Buyer under this agreement.

            

    

     

    
      	
              10.5

            	
              The
                Buyer undertakes to the Seller to indemnify the Seller on an after
                Tax
                basis and keep it fully indemnified from and against the Assumed
                Liabilities and against all Losses in respect thereof.  For the
                avoidance of doubt, this clause does not extend to the Losses in
                respect
                of the Securities Portfolio.

            

    

     

    
      	
              10.6

            	
              The
                Seller undertakes to the Buyer to indemnify the Buyer on an after
                Tax
                basis and keep it fully indemnified from and against the Excluded
                Liabilities and against all Losses in respect
                thereof.

            

    

     

    
      	
              10.7

            	
              In
                this agreement, “Outgoings” means such part as is
                attributable to the period commencing on the day immediately following
                the
                Exchange Date until Completion of all periodical payments, outgoings,
                and
                liabilities (excluding the Assumed Liabilities and the Excluded
                Liabilities) in relation to the Business and the Assets including
                but not
                limited to salaries, wages, bonuses, accrued holiday pay, national
                insurance, pension contributions and all other payments (including,
                without limitation, holiday pay entitlements, health insurance, block
                policy premiums and season ticket loans or other advances) to or
                in
                respect of the Employees apportioned on a time basis.  No
                apportionment shall be made in respect of
                VAT.

            

    

     

    
      	
              10.8

            	
              In
                this agreement, “Late Completion Service Charge” means
                the sum calculated by multiplying the number of months (or part thereof)
                that the Business remains operated at

            

    

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	 	the
              Premises comprised in the time period between 30 September 2006 and
              the
              Completion Date by £45,000.

      	 	 

      	
              10.9

            	
              The
                Seller and the Buyer shall together endeavour to agree the Costs
                (including apportionments) required by this clause 10.  If the Seller and the Buyer are
                unable to reach agreement within 15 Business Days of the Completion
                Date,
                the matter shall be referred to an independent chartered accountant
                appointed by agreement in writing between the Seller and the Buyer
                or
                failing agreement within 5 Business Days by the president for the
                time
                being of the Institute of Chartered Accountants in England and Wales
                (or
                any successor institute) upon an application made by either the Seller
                or
                the Buyer who shall be instructed to determine the relevant amounts
                due in
                respect of the statement of Costs (including apportionments) in question,
                and the Seller and the Buyer shall provide the independent chartered
                accountant for this purpose with all relevant working papers or
                copies.  The said accountant shall act as expert and not as
                arbitrator and in the absence of manifest error, his decision shall
                be
                final and binding on the parties.  His costs shall be borne
                equally by the Seller and the
                Buyer.

            

    

     

    
      	
              10.10

            	
              Notwithstanding
                any other provision of this agreement, in the event that the Buyer
                exercises the Option pursuant to clause 5,
                the Buyer undertakes to indemnify the Seller in respect of Tax of
                any kind
                in respect of any income, profits or gains of the Seller or for which
                the
                Seller is otherwise liable relating to the Business or the Securities
                Portfolio arising between the Exchange Date and the Completion
                Date.

            

    

     

    
      	
              11

            	
              Employees

            

    

     

    
      	
              11.1

            	
              The
                parties acknowledge and agree that pursuant to the Employment Regulations
                the contracts of employment (save to the extent that they relate
                to rights
                under occupational pension schemes excluded by regulation 10 of the
                Employment Regulations) between the Seller and the Employees will
                have
                effect after the Completion Date as if originally made between the
                Buyer
                and the Employees.

            

    

     

    
      	
              11.2

            	
              The
                Seller will indemnify and keep indemnified the Buyer immediately
                on demand
                against any Losses made, suffered or incurred by it as a direct or
                indirect result of:

            

    

     

    
      	
               

            	
              11.2.1

            	
              any
                act or omission of the Seller prior to the Completion Date arising
                out of
                or relating to the employment of any of the
                Employees;

            

    

     

    
      	
               

            	
              11.2.2

            	
              the
                termination of employment by the Seller prior to the Completion Date
                of
                any of the Employees;

            

    

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              11.2.3

            	
              the
                employment or termination of employment prior to the Completion Date
                of
                any employee or person engaged in the Business or by the Seller who
                is not
                an Employee and where such liabilities transfer or are alleged to
                transfer
                to the Buyer pursuant to the Employment Regulations;
                and

            

    

     

    
      	
               

            	
              11.2.4

            	
              any
                claim by a recognised trade union, works council, staff association
                or
                other representative, person or body (whether elected or not) in
                respect
                of the Employees arising out of the Seller's failure to comply with
                its
                legal obligations to such union, council, association, representative,
                person or body, including any breach of Regulations 13 or 14 of the
                Employment Regulations,

            

    

     

    save
      for
      any Losses made, suffered or incurred as a direct or indirect result of the
      entering into by the Seller of, and the content of, the Compromise
      Agreements.

     

    
      	
              11.3

            	
              The
                Buyer will indemnify and keep indemnified the Seller immediately
                on demand
                against all Losses suffered or incurred by it as a direct or indirect
                result of any act or omission or anticipated act or omission by the
                Buyer
                in respect of the employment or termination of employment of any
                Employee
                after the Exchange Date or in respect of any failure to provide relevant
                information for the purposes of collective consultation pursuant
                to the
                Employment Regulations.

            

    

     

    
      	
              11.4

            	
              The
                Seller and the Buyer will give each other such assistance as either
                may
                reasonably require to comply with the Employment Regulations in relation
                to the Employees and in contesting any claim by any person employed
                or
                engaged in the Business at or before the Completion Date resulting
                from or
                in connection with this agreement.

            

    

     

    
      	
              11.5

            	
              The
                Seller will consult and keep the Buyer fully informed regarding any
                of the
                information it proposes to give to the Employees and their representatives
                or any consultation it has had with the Employees and their
                representatives regarding this agreement prior to the Completion
                Date.

            

    

     

    
      	
              11.6

            	
              If
                any Employee informs the Seller or the Buyer that he objects to the
                transfer of his employment to the Buyer under this agreement pursuant
                to
                Regulation 4(7) of the Employment Regulations, the Seller or the
                Buyer (as
                the case may be) will notify the other immediately, and they will
                use all
                reasonable endeavours to persuade that Employee to withdraw their
                objection and accept employment with the
                Buyer.

            

    

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

     

    
      	
              12

            	
              Warranties

            

    

     

    
      	
              12.1

            	
              Subject
                to the provisions of schedule 4, the Seller warrants to the Buyer
                on the
                Exchange Date in the terms of the Warranties set out in schedule
                3 and
                that:

            

    

     

    
      	
               

            	
              12.1.1

            	
              it
                has full power and authority to enter into and perform this agreement
                which constitutes, or when executed will constitute, binding obligations
                on it in accordance with its respective terms;
                and

            

    

     

    
      	
               

            	
              12.1.2

            	
              it
                has full power and authority to:

            

    

     

    
      	
               

            	
              12.1.2.1

            	
              grant
                the Option;

            

    

     

    
      	
               

            	
              12.1.2.2

            	
              sell
                the Assets; and

            

    

     

    
      	
               

            	
              12.1.2.3

            	
              in
                the event that the Option is exercised, sell the Securities Portfolio
                and
                assign the benefit (subject to the burden) of the Portfolio
                Contracts,

            

    

     

    to
      the
      Buyer on the terms set out in this agreement, subject only to the third party
      consents Disclosed (including in the documents annexed to the Disclosure
      Letter).

     

    
      	
              12.2

            	
              The
                Seller agrees that the rights and remedies of the Buyer in relation
                to any
                of the Warranties shall not be affected or limited
                by:

            

    

     

    
      	
               

            	
              12.2.1

            	
              Exchange;

            

    

     

    
      	
               

            	
              12.2.2

            	
              Completion;

            

    

     

    
      	
               

            	
              12.2.3

            	
              any
                investigation made or to be made by or on behalf of the Buyer into
                the
                Business, the Assets, the Securities Portfolio, the Portfolio Contracts
                or
                any aspect of them; or

            

    

     

    
      	
               

            	
              12.2.4

            	
              any
                information of which the Buyer or any member of their group has knowledge,
                whether actual, imputed or
                constructive.

            

    

     

    
      	
              12.3

            	
              The
                Seller:

            

    

     

    
      	
               

            	
              12.3.1

            	
              agrees
                that any information or advice supplied by any of the Employees to
                the
                Seller or its agents, representatives or advisers in connection with
                this
                agreement or the contents of the Disclosure Letter shall not constitute
                a
                defence to any claim by the Buyer under this agreement;
                and

            

    

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              12.3.2

            	
              irrevocably
                waives and agrees not to make any claim against any of the Employees
                in
                respect of any misrepresentation, inaccuracy or omission in or from
                any
                information or advice so supplied or on whom it may otherwise have
                relied
                in entering into this agreement or authorising any statement in the
                Disclosure Letter.

            

    

     

    
      	
              12.4

            	
              The
                limitations contained in schedule 4 shall not apply to any claim
                which
                arises as the consequence of, or is delayed as a result of, fraud,
                wilful
                misconduct or deliberate or wilful concealment by the
                Seller.

            

    

     

    
      	
              12.5

            	
              The
                Seller agrees that each of the Warranties is separate from and independent
                of any other warranty.

            

    

     

    
      	
              12.6

            	
              The
                Warranties are qualified by matters
                Disclosed.

            

    

     

    
      	
              12.7

            	
              Any
                liability of the Seller to the Buyer and/or any right of the Buyer
                or any
                other person under this agreement may, in whole or in part, be released,
                compounded or compromised or time or indulgence may be given by the
                Buyer,
                or that other person in respect of it without in any way prejudicing
                or
                affecting its rights against the Seller in respect of any other liability
                of the Seller or right of the Buyer or of any other person under
                this
                agreement.

            

    

     

    
      	
              12.8

            	
              If
                any of the Warranties are expressed to be given "so far as the Seller
                is
                aware" or "to the best of the knowledge, information and belief of
                the
                Seller", or words to that effect the Seller shall be deemed to have
                knowledge of all facts, matters and circumstances which would be
                known to
                it had it made due and careful enquiries of Stephen Hills and John
                Hale.

            

    

     

    
      	
              13

            	
              Relocation
                costs

            

    

     

    The
      Seller
      will make a contribution of £115,000 to the Buyer in respect of the costs of
      transferring the Assets to the Buyer’s premises which amount shall be deducted
      from the consideration for the Option in accordance with clause 4.1.2.

     

    
      	
              14

            	
              Further
                Assurance

            

    

     

    
      	
              14.1

            	
              On
                and after Completion from time to time and subject to the express
                provisions of this agreement, the Seller shall at its own
                cost:

            

    

     

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              14.1.1

            	
              do,
                execute and perform all such acts, deeds, documents and things (or
                procure
                the doing, execution or performance of them) as the Buyer may from
                time to
                time reasonably require for the purpose
                of:

            

    

     

    
      
        
          	
                   

                	
                  
                    
                      14.1.1.1

                    

                  

                	
                  
                    
                      vesting
                        in it (or the Buyer's Nominee, as the case may be) the full
                        benefit of the
                        Business and Assets and pending that vesting the Seller shall
                        hold the
                        benefit of the Business and the Assets in trust for the
                        Buyer;

                    

                  

                

          	 	 	 

          	 	
                  14.1.1.2

                	
                  in
                    the event that the Option has been exercised in accordance with
                    clause 5, vesting in it (or the Buyer's
                    Nominee, as the
                    case may be) the full benefit of the Securities Portfolio and
                    the
                    Portfolio Contracts and pending that vesting the Seller shall
                    hold the
                    benefit of the Securities Portfolio and the Portfolio Contracts
                    in trust
                    for the Buyer; and

                

          	 	 	 

          	 	
                  14.1.1.3

                	
                  giving
                    full effect to this agreement and securing to the Buyer (or the
                    Buyer's
                    Nominee, as the case may be) the full benefit of the rights,
                    powers and
                    remedies conferred upon the Buyer in this
                    agreement;

                

        

         

      

    

    
      	
               

            	
              14.1.2

            	
              from
                time to time supply to the Buyer (or the Buyer's Nominee, as the
                case may
                be) such information and assistance as the Buyer may reasonably require
                for the purpose of implementing the provisions of this agreement
                and
                enabling it to carry on the Business in the same manner as and no
                less
                efficiently than the Seller; and

            

    

     

    
      	
               

            	
              14.1.3

            	
              give
                to the Buyer (or the Buyer's Nominee, as the case may be) all reasonable
                assistance to enable the Buyer to enforce or obtain the full benefit
                of
                any rights against third parties hereby transferred to the Buyer
                (or the
                Buyer's Nominee, as the case may
                be).

            

    

     

    
      	
              14.2

            	
              Access
                to books and records:

            

    

     

    
      	
               

            	
              14.2.1

            	
              the
                Seller shall deliver to the Buyer all the Business Records on the
                Completion Date and title in such Business Records shall vest in
                the Buyer
                (or the Buyer's Nominee, as the case may be) from
                Completion;

            

    

     

    
      	
               

            	
              14.2.2

            	
              the
                Seller shall for a period of six years and five months from the Completion
                Date make available any books, accounts, returns and records not
                delivered
                to the Buyer (or the Buyer's Nominee, as the case may be) at
                

            

    

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    the
      Completion Date which contain information which
      should be provided to the Buyer (or the Buyer's Nominee, as the case may be)
      or
      which is required for the purpose of the Business or any tax or other return
      in
      connection with it for inspection by representatives of the Buyer (or the
      Buyer's Nominee, as the case may be) during working hours on reasonable advance
      notice being given; and

     

    
      	
               

            	
              14.2.3

            	
              during
                the period of six years and five months after the Completion Date,
                if any
                Business Information is not in the possession of the Buyer (or the
                Buyer's
                Nominee, as the case may be) or readily discoverable by the Buyer
                (or the
                Buyer's Nominee, as the case may be) but is in the possession or
                under the
                control of or available to any member of the Seller's Group, the
                Seller
                shall procure that such Business Information is provided to the Buyer
                (or
                the Buyer's Nominee, as the case may be) promptly on
                request.

            

    

     

    
      	
              14.3

            	
              The
                Seller shall procure that copies of all notices, correspondence,
                information, orders or inquiries relating to the Business, Assets,
                Securities Portfolio and Portfolio Contracts which are received by
                the
                Seller or any member of the Seller’s Group between the Exchange Date and
                the Completion Date shall be immediately sent to the
                Buyer.

            

    

     

    
      	
              14.4

            	
              The
                Seller shall procure that all notices, correspondence, information,
                orders
                or inquiries relating to the Business, Assets and if the Option is
                exercised, the Securities Portfolio and Portfolio Contracts which
                are
                received by the Seller or any member of the Seller’s Group on or after the
                Completion Date shall be immediately passed on or referred to the
                Buyer
                (or the Buyer's Nominee, as the case may
                be).

            

    

     

    
      	
              14.5

            	
              At
                any time after the Completion Date and upon reasonable request from
                time
                to time the Buyer shall provide, or procure to be provided, to the
                Seller
                (at the Seller’s expense), all information relating to the Business
                relating to the period up to the Completion Date and which is in
                its
                possession or under its control.

            

    

     

    
      	
              14.6

            	
              The
                Buyer acknowledges that Steve Hills and John Hale shall, in their
                capacity
                as directors of the Seller, provide such assistance to the Seller
                as the
                Seller may reasonably request after Completion at no cost to the
                Seller in
                connection with the proposed winding up of the Seller after
                Completion.

            

    

     

    
      	
              14.7

            	
              Between
                the Exchange Date and the Completion Date, the Seller and the Shareholder
                jointly and severally (subject to a maximum liability equal to the
                Consideration) undertake:

            

    

     

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              14.7.1

            	
              not
                to voluntarily wind up the Seller;

            

    

     

    
      	
               

            	
              14.7.2

            	
              not
                to appoint an administrator, administrative receiver provisional
                liquidator, liquidator, or receiver of the
                Seller;

            

    

     

    
      	
               

            	
              14.7.3

            	
              not
                to enter into any company voluntary arrangement;
                and

            

    

     

    
      	
               

            	
              14.7.4

            	
              to
                satisfy and discharge all creditors of the Business as and when such
                liabilities fall due and for the avoidance of doubt, this shall include
                the payments to be made in accordance with clause 6.2.

            

    

     

    
      	
              15

            	
              Assignment
                and succession

            

    

     

    
      	
              15.1

            	
              This
                agreement binds each party’s successors and permitted assigns and personal
                representatives (as the case may
                be).

            

    

     

    
      	
              15.2

            	
              Except
                as expressly agreed between the parties, none of the rights of the
                parties
                under this agreement may be
                transferred.

            

    

     

    
      	
              16

            	
              Announcements

            

    

     

    
      	
              16.1

            	
              Subject
                to clauses 16.2 and 16.3, no
                press or public announcement or
                statement, circular or communication shall be made or sent by any
                of the
                parties in relation to this agreement or the subject matter of
                it.

            

    

     

    
      	
              16.2

            	
              Any
                party may make an announcement or issue a circular or communication
                concerning this agreement or the subject matter of it if required
                by law
                or by any securities exchange or regulatory or governmental body
                to which
                either party is subject (including without limitation the London
                Stock
                Exchange, the UK Listing Authority or the Takeover Panel) provided
                that
                the party making it shall use all reasonable endeavours to consult
                with
                the other parties prior to its
                despatch.

            

    

     

    
      	
              16.3

            	
              Nothing
                in this agreement will prohibit the Buyer from making or sending
                after the
                Completion Date any announcement to a customer, client or supplier
                of the
                Business informing it that the Buyer has purchased the
                Business.

            

    

     

    
      	
              17

            	
              Confidentiality

            

    

     

    
      	
              17.1

            	
              Subject
                to clause 17.3, all of the parties shall
                treat as strictly confidential all information received or obtained
                as a
                result of entering into or performing this agreement which relates
                to:

            

    

     

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              17.1.1

            	
              the
                provisions of this agreement, or any document entered into pursuant
                to
                this agreement;

            

    

     

    
      	
               

            	
              17.1.2

            	
              the
                negotiations relating to this agreement;
                and/or

            

    

     

    
      	
               

            	
              17.1.3

            	
              any
                of the other parties.

            

    

     

    
      	
              17.2

            	
              Subject
                to clause 17.3, all of the parties shall also
                treat as strictly confidential all information used in or otherwise
                relating to the Business, the Assets, the Securities Portfolio, the
                Portfolio Contracts or customers or financial or other affairs of
                the
                Seller in relation to the Business including all know-how comprised
                in the
                Intellectual Property.

            

    

     

    
      	
              17.3

            	
              Each
                party shall be entitled to disclose information referred to in clause
17.1 which would otherwise be confidential
                if
                and to the extent the disclosure
                is:

            

    

     

    
      	
               

            	
              17.3.1

            	
              required
                by the law if any relevant
                jurisdiction;

            

    

     

    
      	
               

            	
              17.3.2

            	
              properly
                required by any securities exchange or regulatory or governmental
                body to
                which either party is subject or reasonably submits wherever situated,
                including (without limitation) the London Stock Exchange, the UK
                Listing
                Authority or the Takeover Panel, whether or not the requirement for
                disclosure has the force of law;

            

    

     

    
      	
               

            	
              17.3.3

            	
              required
                to vest in that party the full benefit of this
                agreement;

            

    

     

    
      	
               

            	
              17.3.4

            	
              disclosed
                to the professional advisers, auditors or bankers of that party or
                any
                other member of the Sellers' Group (in the case of the Seller) or
                any
                other member of the Buyer's Group (in the case of the
                Buyer);

            

    

     

    
      	
               

            	
              17.3.5

            	
              disclosed
                to the officers or employees of that party or any other member of
                the
                Sellers' Group (in the case of the Seller) or any other member of
                the
                Buyers' Group (in the case of the Buyer) who need to know the information
                for the purposes of the transactions effected or contemplated by
                this
                agreement subject to the condition that the party making the disclosure
                shall procure that those persons comply with clause 17.1 as if they were parties to this
                agreement;

            

    

     

    
      	
               

            	
              17.3.6

            	
              of
                information that has already come into the public domain through
                no fault
                of that party;

            

    

     

    
      	
               

            	
              17.3.7

            	
              of
                information of the kind referred to in clause 17.1.3 which is already lawfully in the
                possession of that party as evidenced by its or its
                

            

    

     

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    professional
      advisers' written records and which was
      not acquired directly or indirectly from the other party to whom it
      relates;

     

    
      	
               

            	
              17.3.8

            	
              to
                a
                bona fide potential purchaser of a substantial part of the Business
                or of
                the Buyer, always subject to such potential purchaser being themselves
                subject to appropriate confidentiality obligations;
                or

            

    

     

    
      	
               

            	
              17.3.9

            	
              approval
                by all of the other parties in writing in advance, that approval
                not to be
                unreasonably withheld or delayed,

            

    

     

    provided
      that any information disclosed pursuant to clauses 17.3.1 or 17.3.2 shall be
      disclosed only after notice to the other parties and the disclosing party shall
      take reasonable steps to co-operate with the other parties regarding the manner
      of that disclosure or any action which any of them may reasonably elect to
      take
      to challenge legally the validity of that requirement.

     

    
      	
              17.4

            	
              The
                restriction contained in this clause shall continue to apply after
                the
                rescission or termination of this agreement and, following Completion,
                shall continue to apply without limit in
                time.

            

    

     

    
      	
              18

            	
              Guarantee

            

    

     

    
      	
              18.1

            	
              If
                the Seller shall fail to comply, or shall be wound up so that it
                cannot
                comply, with the provisions of clause 12,
                then the Shareholder guarantees that it shall (on demand by the Buyer)
                immediately satisfy the liabilities of the Seller pursuant to clause
12 and, for the avoidance of doubt, the
                provisions of schedule 4 shall continue to apply to the liabilities
                of the
                Seller pursuant to clause 12 (even though
                such liabilities of the Seller are to be satisfied by the Shareholder
                pursuant to this clause 18.1) such that the
                Shareholder will thereby have the benefit of the provisions of schedule
                4
                as if the word "Seller" was replaced by the word "Shareholder" in
                schedule
                4.

            

    

     

    
      	
              18.2

            	
              The
                guarantee set out in this clause 18 is a
                continuing guarantee and shall remain in force and effect until the
                Seller
                has discharged its liabilities under clause 12 or such liabilities expire pursuant
                to the
                provisions of schedule 4.

            

    

     

    
      	
              18.3

            	
              The
                Buyer may only claim under the guarantee set out in this clause 18 if it has first made a demand of the
                Seller
                or has taken all action to claim under or enforce any other right,
                security or other guarantee which it may hold from time to time in
                respect
                of the Seller's obligations under clause 12.

            

    

     

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    
      	
              19

            	
              VAT

            

    

     

    
      	
              19.1

            	
              The
                sale of the Business and
                Assets

            

    

     

    
      	
               

            	
              19.1.1

            	
              The
                Seller and the Buyer acknowledge that, in mutual reliance on each
                other’s
                warranties in this clause, the sale and purchase of the Business
                and
                Assets, and, in the event that the Option has been exercised, the
                Securities Portfolio and the Portfolio Contracts, will constitute
                the
                transfer of a business (or part of a business) as a going concern
                (“TOGC”) for the purposes of article 5 of the Value Added
                Tax (Special Provisions) Order 1995 (the
                “Order”).

            

    

     

    
      	
               

            	
              19.1.2

            	
              The
                Seller and the Buyer shall use all reasonable endeavours to ensure
                that
                the sale of the Business and Assets, and, in the event that the Option
                has
                been exercised, the Securities Portfolio and the Portfolio Contracts,
                is
                treated as a TOGC.

            

    

     

    
      	
              20

            	
              Indemnities

            

    

     

    
      	
              20.1

            	
              Except
                for the indemnity in clause 11.2, if any
                claim is made against or liability incurred by a party to this agreement
                (in this clause, the “Indemnified Party”) in respect of
                which an indemnity is or is to be sought from the other (the
                “Indemnifier”):

            

    

     

    
      	
               

            	
              20.1.1

            	
              the
                Indemnifier shall have the right, upon notice to the Indemnified
                Party, to
                have the conduct of all litigation or other proceedings
                (“Proceedings”) in respect of such claim and in that
                connection the Indemnified Party shall give or cause to be given
                to the
                Indemnifier all such assistance as the Indemnifier may reasonably
                require
                in disputing such claim and conducting such proceedings and shall
                instruct
                such solicitors or other professional advisers as the Indemnifier
                may
                nominate to act on behalf of the Indemnified Party but in accordance
                with
                the instructions of the
                Indemnifier;

            

    

     

    
      	
               

            	
              20.1.2

            	
              the
                Indemnifier shall keep the Indemnified Party promptly informed of
                the
                conduct of any proceedings of which it has conduct, shall consult
                the
                Indemnified Party on any matter which is or is likely to be material
                in
                relation to any proceedings and shall take account of all reasonable
                requirements of the Indemnified Party in relation to
                these;

            

    

     

    
      	
               

            	
              20.1.3

            	
              the
                Indemnified Party shall not make any settlement or compromise of
                such
                claim or agree to any matter in the conduct of proceedings relating
                to
                such 

            

    

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

       

    

    claim
      which may affect the amount of the liability in
      respect of such claim without the prior approval of the Indemnifier, such
      approval not to be unreasonably withheld or delayed and provided always that
      if
      the Indemnifier refuses approval to such settlement or compromise and the
      Indemnified Party subsequently becomes liable to pay a greater amount than
      the
      amount at which it could have settled or compromised the claim the Indemnifier
      shall be liable for any increase in the liability and any additional costs
      incurred since the proposed date of settlement or compromise;

     

    
      	
               

            	
              20.1.4

            	
              the
                Indemnifier shall not make any settlement or compromise of such claim
                or
                agree to any matter in the conduct of proceedings relating to such
                claim
                which may be prejudicial to the Indemnified Party without prior
                consultation with the Indemnified Party;
                and

            

    

     

    
      	
               

            	
              20.1.5

            	
              where
                the Indemnifier takes over the conduct of any proceedings pursuant
                to the
                provisions of this clause, the Indemnifier shall indemnify and keep
                the
                Indemnified Party indemnified in respect of all liabilities and reasonable
                and proper out-of-pocket costs, charges and expenses properly incurred
                by
                the Indemnified Party as a consequence of such proceedings, except
                to the
                extent that such costs, charges or expenses are recovered from another
                party to the proceedings.

            

    

     

    
      	
              21

            	
              No
                merger

            

    

     

     The
      obligations contained in or implied by this agreement which have not been
      performed at or prior to either of the Exchange Date and the Completion Date
      (as
      the case may be) and the Warranties, together with any other warranties,
      representations and indemnities contained in it and any rights or remedies
      available pursuant to it, shall remain in full force and effect notwithstanding,
      and shall not be affected by, the Exchange Date or the Completion
      Date.

     

    
      	
              22

            	
              Amendments
                and waivers

            

    

     

    
      	
              22.1

            	
              No
                amendment or variation of the terms of this agreement or the Disclosure
                Letter shall be effective unless it shall be made or confirmed in
                a
                written document signed by all of the parties to the relevant
                document.

            

    

     

    
      	
              22.2

            	
              No
                delay in exercising or non-exercise by any party of any of right,
                power or
                remedy provided by law under or in connection with this agreement
                shall
                impair, or otherwise 

            

    

     

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

       

    

    operate
      as a waiver or release of that right, power
      or remedy.  Any waiver or release must be specifically granted in
      writing signed by the party granting it and shall:

     

    
      	
               

            	
              22.2.1

            	
              be
                confined to the specific circumstances in which it is
                given;

            

    

     

    
      	
               

            	
              22.2.2

            	
              not
                affect any other enforcement of the same or any other right;
                and

            

    

     

    
      	
               

            	
              22.2.3

            	
              (unless
                it is expressed to be irrevocable) be revocable at any time in
                writing.

            

    

     

    
      	
              22.3

            	
              Any
                single or partial exercise of any right, power or remedy provided
                by law
                or under this agreement shall not preclude any other or further exercise
                thereof or the exercise of any other right, power or
                remedy.

            

    

     

    
      	
              23

            	
              Cumulative
                rights

            

    

     

    The
      rights, powers and remedies of each party provided in this agreement are
      cumulative and not exclusive of any rights or remedies of that party under
      the
      general law.  Each party may exercise each of its rights as often as
      it shall think necessary.

     

    
      	
              24

            	
              Contracts
                (Rights of Third Parties) Act
                1999

            

    

     

    
      	
              24.1

            	
              Unless
                the right of enforcement is expressly granted, it is not intended
                that a
                third party should have the right to enforce a provision of this
                agreement
                pursuant to the Contracts (Rights of Third Parties) Act
                1999.

            

    

     

    
      	
              24.2

            	
              The
                parties may rescind or vary this agreement without the consent of
                a third
                party to whom an express right to enforce any of its terms has been
                provided.

            

    

     

    
      	
              25

            	
              Costs

            

    

     

    Except
      where this agreement provides otherwise, each party shall be responsible for
      the
      legal fees incurred by it in connection with and incidental to the preparation
      and completion of this agreement, and the other documents referred to in this
      agreement.

     

    
      	
              26

            	
              Set-off,
                withholding tax and
                grossing-up

            

    

     

    Save
      as
      expressly provided for the Seller and the Buyer shall pay all sums payable
      by it
      under or pursuant to the terms of this agreement free and clear of all
      deductions or withholdings except for those required by law.  If a
      deduction or withholding is required by law, the deduction or withholding will
      not exceed the minimum amount which it is required by law to deduct or withhold
      and the Seller and the Buyer shall pay such 

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    additional
      amount as will ensure that the net amount
      the payee receives equals the full amount which it would have received had
      the
      deduction or withholding not been required.

     

    
      	
              27

            	
              Invalidity

            

    

     

    
      	
              27.1

            	
              Subject
                to clauses 27.2 and 27.3, if a
                provision of this agreement is held to
                be illegal or unenforceable, in whole or in part, under an enactment
                or
                rule of law, it shall to that extent be deemed not to form part of
                this
                agreement and the enforceability of the remainder of this agreement
                shall
                not be affected.

            

    

     

    
      	
              27.2

            	
              If
                a
                provision of this agreement is, or but for this clause would be,
                held to
                be illegal or unenforceable, in whole or part, but would be legal
                and
                enforceable if the period of application were reduced or if part
                of the
                provision were deleted, the provision shall apply with the minimum
                modification necessary to make it legal and
                enforceable.

            

    

     

    
      	
              27.3

            	
              If
                a
                provision of this agreement is held to be illegal or unenforceable,
                in
                whole or in part, and clause 27.2 cannot be
                used to make it legal and enforceable, the Buyer may require the
                Seller to
                enter into a new deed under which the Seller undertakes in the terms
                of
                the original provision, but subject to such amendments as the Buyer
                specifies in order to make the provision legal and
                enforceable.  The Seller will not be obliged to enter into a new
                deed that would increase its liability beyond that contained in this
                agreement, had all its provisions been legal and
                enforceable.

            

    

     

    
      	
              28

            	
              Counterparts

            

    

     

    
      	
              28.1

            	
              This
                agreement may be executed in a number of counterparts and by the
                parties
                on different counterparts, but shall not be effective until each
                party has
                executed at least one counterpart.

            

    

     

    
      	
              28.2

            	
              Each
                counterpart, when executed, shall be an original, but all the counterparts
                together constitute the same
                document.

            

    

     

    
      	
              29

            	
              Communications

            

    

     

    
      	
              29.1

            	
              All
                notices and other communications between the parties with respect
                to this
                agreement shall be in English and in writing and
                shall:

            

    

     

    
      	
               

            	
              29.1.1

            	
              be
                delivered by hand, or sent by first class prepaid registered post
                (or
                airmail if sent outside Great Britain) to the party concerned at
                the
                relevant address as set out at the start of this agreement (or to
                such
                other address 

            

    

     

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

    

    as
      the relevant party may notify to the other parties
      from time to time in accordance with this clause for the purpose of this
      clause); or

     

    
      	
               

            	
              29.1.2

            	
              be
                sent by facsimile to the facsimile number stated below (or to such
                other
                facsimile number as the relevant party may notify to the other parties
                from time to time in accordance with this clause for the purpose
                of this
                clause).

            

    

     

    
      	
              29.2

            	
              In
                the absence of evidence of earlier receipt, notices and other
                communications shall be deemed to have been received as
                follows:

            

    

     

    
      	
               

            	
              29.2.1

            	
              (if
                sent by post within Great Britain) at the earlier of the time of
                delivery
                and 10:00 a.m. on the second Business Day after
                posting;

            

    

     

    
      	
               

            	
              29.2.2

            	
              (if
                sent by post outside Great Britain) at the earlier of the time of
                delivery
                and 10:00 a.m. on the fifth Business Day after
                posting;

            

    

     

    
      	
               

            	
              29.2.3

            	
              (if
                delivered by hand) upon delivery;

            

    

     

    
      	
               

            	
              29.2.4

            	
              (if
                sent by facsimile) when a complete and legible copy of the communication,
                whether that sent by facsimile or a hard copy sent by post or hand,
                has
                been received at the appropriate
                address,

            

    

     

    provided
      that if any communication would otherwise become effective on a non-Business
      Day
      or after 5:00 p.m. on a Business Day, it shall instead become effective at
      10:00
      a.m. on the next Business Day and if it would otherwise become effective before
      9:00 a.m. on a Business Day, it shall instead become effective at 10:00 a.m.
      on
      that Business Day.

     

    
      	
              29.3

            	
              In
                proving service it shall be sufficient to prove that personal delivery
                was
                made.

            

    

     

    
      	
              29.4

            	
              Communications
                addressed to the Seller which are delivered or sent in accordance
                with
                clause 29.1, shall be marked for the attention
                of Stephen Hills, communications addressed to the Buyer shall be
                marked
                for the attention of
Quinton
                Wood with a copy marked for the attention of Casper Rondeltap (at
                c/o Van
                der Moolen Holding N.V., Keizergracht 307, Postbus 11374, Amsterdam
                1001-GJ, Netherlands), and communications addressed to the Shareholder
                shall be marked for the attention of Thierry
                Schaap.

            

    

     

    
      	
              29.5

            	
              The
                facsimile numbers referred to in clause 29.1
                are:

            

    

     

    for
      the
      Seller:                                          +44
      (0)207 929 5455;

     

    for
      the
      Buyer:                                        
+44 20 7082 2599 (with a copy, marked for the attention of Casper Rondeltap,
      to
      +31 20 535 67 44); and

     

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    for
      the
      Shareholder:                                +31
      205 220 340.

     

    
      	
              30

            	
              Entire
                agreement

            

    

     

    
      	
              30.1

            	
              This
                agreement and the documents referred to in it together constitute
                the
                whole and only agreement between the parties in relation to the sale
                and
                purchase of the Business, the Assets, the Securities Portfolio and
                the
                Portfolio Contracts and, subject as expressly provided to the contrary
                in
                this agreement, supersede all previous negotiations, agreements and
                understandings, written or oral, between the parties relating to
                the
                subject matter of this agreement.

            

    

     

    
      	
              30.2

            	
              Each
                party acknowledges that in entering into this agreement it places
                no
                reliance on any representation, warranty or other statement relating
                to
                the subject matter of this agreement, other than as set out in this
                agreement.

            

    

     

    
      	
              30.3

            	
              No
                party shall have any liability or remedy in respect of any representation,
                warranty or other statement (other than those contained in this agreement)
                being false, inaccurate or incomplete unless it was made fraudulently,
                wilfully or deliberately.

            

    

     

    
      	
              31

            	
              Continuing
                effect

            

    

     

     Each
      provision of this agreement shall continue in full force and effect after
      Completion, except to the extent that a provision has been fully performed
      on or
      before Completion.

     

    
      	
              32

            	
              Proper
                law

            

    

     

    This
      agreement shall be governed by and construed in accordance with English law
      and
      the parties irrevocably agree to submit any dispute which may arise out of,
      under, or in connection with this agreement to the exclusive jurisdiction of
      the
      English courts.

     

    EXECUTION

     

    The
      parties have shown their acceptance of the terms of this agreement by executing
      it as a Deed after the schedules.

     

    Delivered
      as a deed on the date of this document.

     

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      1

     

    Part
      1 - Portfolio Contracts

     

    
      	
              1.

            	
              International
                Prime Brokerage Agreement between (1) Merrill Lynch International
                and (2)
                Seller, dated 2 May 2003

            

    

     

    
      	
              2.

            	
              Deed
                of Amendment to the International Prime Brokerage Agreement between
                (1)
                Merrill Lynch International and (2) Seller, dated 30 June
                2006

            

    

     

    
      	
              3.

            	
              General
                Clearing Agreement between (1) Merrill Lynch International and (2)
                Seller,
                dated 5 June 2003

            

    

     

    Part
      2 - Business Contracts

     

    
      	
              1.

            	
              Service
                Contract between (1) Proquote and (2) Seller, dated 22 November
                2005

            

    

     

    
      	
              2.

            	
              Service
                Contract between (1) Reuters and (2) Seller, dated 23 September
                1997

            

    

     

    
      	
              3.

            	
              System
                Purchase & Support Agreement between (1) Reuters and (2) Seller, dated
                6 November 2000

            

    

     

    
      	
              4.

            	
              Service
                Contract between (1) Bloomberg and (2) Seller, dated 28 May
                1998

            

    

     

    
      	
              5.

            	
              Service
                Contract between (1) Bloomberg and (2) Seller, dated 26 February
                1998

            

    

     

    
      	
              6.

            	
              Service
                Contract between (1) Bloomberg and (2) Seller, dated 7 November
                1997

            

    

     

    
      	
              7.

            	
              Service
                Contract between (1) TraderTeam and (2) Seller, dated 7 June
                2006

            

    

     

    
      	
              8.

            	
              Letter
                from Dividend Directory Limited (now called Markit Dividends Limited)
                containing the terms and conditions upon which they provide dividend
                forecasts to the Seller, dated 23 November
                1999

            

    

     

    
      	
              9.

            	
              GannCorner
                Subscription Agreement relating to provision of commentary and technical
                analysis on various financial products, dated 4 July
                2003

            

    

     

    
      	
              10.

            	
              System
                Purchase and Maintenance Agreement between (1) Etrali-UK Limited
                and (2)
                Seller, dated 3 November 1997

            

    

     

    
      	
              11.

            	
              Licence
                Contract for Software Products between (1) RTS Realtime Systems AG
                and (2)
                Seller, dated 1 April 1998

            

    

     

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    
      	
              12.

            	
              Maintenance
                of Software Products between (1) RTS Realtime Systems AG and (2)
                Seller,
                dated 1 April 1998

            

    

     

    
      	
              13.

            	
              Letter
                relating to the Deposit of RTD source code from RTS Realtime Systems
                to
                Seller, dated 26 November 2003

            

    

     

    
      	
              14.

            	
              Those
                licences referred to in email from Steve Hills of Seller, to Thierry
                Schapp of Shareholder, relating to the RTS licences currently in
                use,
                dated 18 April 2006

            

    

     

    
      	
              15.

            	
              The
                benefit of the Source Code Deposit Agreement between (1) RTS Realtime
                Systems and (2) Dr Karl-Heinz Schniegelt, dated 26 November
                2003

            

    

     

    
      	
              16.

            	
              Joinder
                to the Source Code Deposit Agreement between (1) RTS Realtime Systems
                Ltd;
                (2) Dr Karl-Heinz Schniegelt; and (3) Seller, dated 26 November
                2003

            

    

    

     

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      2

     

    Employees

    
      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	
              Name
                of Employee

            	
              Job
                Title

            	
              Date
                of Birth

            	
              Joining
                Date

            	
              Salary

            	
              Pension

            	
              Notice
                Period

            	
              Working
                hours

            	
              Holidays

            	
              Disciplinary

            
	 	 	 	 	 	 	 	 	 	
              action

            
	 	 	 	 	 	 	 	 	 	 
	
              Andrew
                Bearfield

            	
              Trader

            	
              16/05/1968

            	
              28/08/2001

            	
               £       50,000

            	
               £         5,000

            	
               1
                month

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Sean
                Cox

            	
              Trader

            	
              11/08/1970

            	
              09/04/2001

            	
               £       50,000

            	
               £         5,000

            	
               1
                month

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Steven
                Croucher

            	
              IT
                Manager

            	
              21/02/1977

            	
              06/11/2000

            	
               £       47,000

            	
               £                -

            	
               3
                months

            	
               07:30
                - 17:00

            	
              22
                days

            	
              Nil
                Formal

            
	
              John
                Hale

            	
              Director

            	
              01/10/1959

            	
              07/03/1989

            	
               £     180,000

            	
               £       18,000

            	
               24
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Mike
                Hale

            	
              Trader

            	
              10/05/1971

            	
              16/10/2000

            	
               £       50,000

            	
               £         5,000

            	
               3
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Paul
                Hale

            	
              Trader

            	
              30/06/1983

            	
              08/05/2000

            	
               £       40,000

            	
               £         4,000

            	
               1
                month

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Thomas
                Hale

            	
              MiddleOffice

            	
              31/03/1986

            	
              01/06/2005

            	
               £       20,000

            	
               £                -

            	
               1
                month

            	
               07:30
                - 17:00

            	
              20
                days

            	
              Nil
                Formal

            
	
              Andrew
                Hall

            	
              Trader

            	
              19/07/1968

            	
              02/01/1998

            	
               £       70,000

            	
               £         7,000

            	
               3
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Mark
                Harrison

            	
              Trader

            	
              03/10/1967

            	
              07/03/1989

            	
               £       70,000

            	
               £         7,000

            	
               12
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Stephen
                Hills

            	
              Director

            	
              04/12/1959

            	
              07/03/1989

            	
               £     180,000

            	
               £       18,000

            	
               24
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Jordan
                Hiscott

            	
              Trader/Broker

            	
              03/04/1980

            	
              17/02/1996

            	
               £       15,000

            	
               £                -

            	
               1
                month

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Andrew
                Lee

            	
              Trader

            	
              02/01/1968

            	
              07/03/1989

            	
               £       65,684

            	
               £       11,748

            	
               12
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            

    

     

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Robert
                Magham

            	
              Trader

            	
              19/10/1964

            	
              06/10/1997

            	
               £       70,000

            	
               £         7,000

            	
               3
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Nicholas
                Powell

            	
              Trader

            	
              21/09/1970

            	
              30/06/1997

            	
               £       70,000

            	
               £         7,000

            	
               1
                month

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Daniel
                Rodwell

            	
              Trader

            	
              23/08/1975

            	
              30/06/1997

            	
               £       70,000

            	
               £         7,000

            	
               1
                month

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Gemma
                Rood

            	
              Office
                Admin

            	
              15/10/1976

            	
              13/07/2005

            	
               £       30,000

            	
               £                -

            	
               1
                month

            	
               09:00
                - 17:00

            	
              20
                days

            	
              Nil
                Formal

            
	
              Ian
                Stretton

            	
              Trader

            	
              24/11/1967

            	
              07/03/1989

            	
               £       70,000

            	
               £         7,000

            	
               12
                months

            	
               07:30
                - 17:00

            	
              25
                days

            	
              Nil
                Formal

            
	
              Lee
                Thurlow

            	
              IT
                support

            	
              07/02/1982

            	
              20/05/2002

            	
               £       27,000

            	
               £                -

            	
               1
                month

            	
               07:30
                - 17:00

            	
              20
                days

            	
              Nil
                Formal

            
	 	 	 	 	 	 	 	 	 	 
	
              Total
                18

            	 	 	 	
               Paid
                monthly

            	
               Paid
                monthly

            	 	 	 	 

    

     

    
 

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      3

     

    Warranties

    

     

    
      	
              1

            	
              ASSETS

            

    

     

    
      	
              1.1

            	
              Business
                vested in Seller

            

    

     

    The
      entire
      benefit of the Business is vested in the Seller absolutely.

     

    
      	
              1.2

            	
              Title
                to the Assets, Securities Portfolio and Portfolio
                Contracts

            

    

     

    The
      Seller
      owns all the Assets, Securities Portfolio and Portfolio Contracts free from
      and
      clear of any Encumbrance (excepting only liens arising in the ordinary course
      of
      trading).

     

    
      	
              1.3

            	
              No
                restrictions of title

            

    

     

    There
      are
      no agreements or arrangements whereby the title to any of the Assets, Securities
      Portfolio or Portfolio Contracts or any rights in the proceeds of sale of any
      of
      the Assets, Securities Portfolio or Portfolio Contracts is or may be reserved
      to
      the Seller of such Assets, Securities Portfolio or Portfolio Contracts or to
      any
      third party.

     

    
      	
              2

            	
              BUSINESS
                CONTRACTS

            

    

     

    
      	
              2.1

            	
              Business
                Contracts and Portfolio Contracts

            

    

     

    The
      Business Contracts comprise all the contracts necessary to carry on the Business
      and all Business Contracts and Portfolio Contracts are Disclosed.

     

    
      	
              2.2

            	
              No
                contracts outside ordinary course
                etc.

            

    

     

    There
      does
      not exist in relation to the Business any contract, agreement, commitment or
      arrangement remaining to be performed in whole or part or otherwise in
      effect:

     

    
      	
               

            	
              2.2.1

            	
              which
                was entered into otherwise than in the ordinary course of the day
                to day
                trading operations of the Business;

            

    

     

    
      	
               

            	
              2.2.2

            	
              is
                of a loss-making nature (that is to say, known to be likely to result
                in a
                loss to the Seller on completion of its performance);
                and

            

    

     

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              2.2.3

            	
              is
                of an onerous nature or cannot be duly observed and performed without
                an
                unusual commitment of money or resources in the context of the
                Business.

            

    

     

    
      	
              2.3

            	
              No
                material breach etc.

            

    

     

    There
      does
      not exist in relation to the Business any contract, agreement, commitment or
      arrangement (including, but without limitation, any Business Contract or
      Portfolio Contract):

     

    
      	
               

            	
              2.3.1

            	
              to
                which any party to the same is in material breach so as to render
                the same
                capable of termination or give rise to any right to damages or other
                compensation;

            

    

     

    
      	
               

            	
              2.3.2

            	
              in
                respect of which any consent is required or any notice has to be
                given or
                other action taken as a result of the entering into or implementation
                of
                this agreement;

            

    

     

    
      	
               

            	
              2.3.3

            	
              which
                is or may become terminable or may otherwise be adversely affected
                as a
                result of the entering into or implementation of this
                agreement;

            

    

     

    
      	
               

            	
              2.3.4

            	
              which
                contravenes the provisions of the Competition Act 1998 or infringes
                Articles 85 or 86 Treaty of Rome or any other anti-trust legislation
                or
                any regulation or directive issued thereunder or which has been notified
                to the Commission of the European Communities for an exemption or
                in
                respect of which an application has been made to the said Commission
                for a
                negative clearance;

            

    

     

    
      	
               

            	
              2.3.5

            	
              which
                is by virtue of its terms or by virtue of any practice for the time
                being
                carried on in connection with it a consumer trade practice within
                the
                meaning of s13 Fair Trading Act 1973 and susceptible to or under
                reference
                to the Consumer Protection Advisory Committee or the subject matter
                of a
                report to or order by the Secretary of State under the provisions
                of Part
                II of that Act; or

            

    

     

    
      	
               

            	
              2.3.6

            	
              the
                performance of which is guaranteed or otherwise secured by the Seller
                or
                any other person.

            

    

     

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    

     

    
      	
              2.4

            	
              Discounts,
                rebates, commissions

            

    

     

     The
      Disclosure Letter contains full details of all discounts, overrides, rebates,
      allowances, commissions and other special terms or similar terms offered to
      the
      Seller in relation to the Business by its counterparties or
      suppliers.

     

    
      	
              3

            	
              REGULATORY
                COMPLIANCE

            

    

     

    
      	
              3.1

            	
              The
                Seller holds all permissions, authorisations, licences and approvals
                necessary to conduct the Business pursuant to any laws or regulations
                applying to the Business and Securities Portfolio.  A list of
                such material permissions, authorisations, licences and approvals
                are
                Disclosed.

            

    

     

    
      	
              3.2

            	
              No
                governmental or regulatory authority has initiated any proceedings,
                investigation into the Business, Securities Portfolio or operations
                of the
                Seller that would adversely affect the Business after the Exchange
                Date or
                the Completion Date.

            

    

     

    
      	
              3.3

            	
              The
                Seller has complied in all material respects with the requirements
                of, and
                is in material compliance with all laws, rules and regulations applicable
                to it.

            

    

     

    
      	
              3.4

            	
              All
                persons who perform controlled functions are Approved Persons and
                there
                shall be no other employee of the Business who carry out any functions
                which requires such person to be an Approved Person.  No
                Approved Person, who is employed in the Business at the Exchange
                Date has
                been the subject of any proceeding, investigation or examination
                or is the
                subject of any criticism, censure, or adverse publicity or is liable
                to
                have their status as an Approved Person challenged or withdrawn and
                the
                Seller is not obliged to inform the FSA that it will be submitting
                a Form
                C (or make equivalent disclosure to other relevant regulator containing
                adverse information relating to such
                person).

            

    

     

    
      	
              3.5

            	
              The
                Seller has not been obliged to notify the FSA or any predecessor
                regulator
                of:

            

    

     

    
      	
               

            	
               3.5.1

            	
              a
                breach of any rules, principles or statements of principle of the
                Financial Services Authority or material breach of any requirement
                imposed
                by FSMA; or

            

    

     

    
      	
               

            	
               3.5.2

            	
              of
                any prosecution or conviction of any offence under FSMA or otherwise
                regarding the firm, its directors, officers, employees, Approved
                Persons
                or any appointed representatives now or at Completion employed or
                contracted to the Business.

            

    

     

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    
      	
              4

            	
              CONTINUATION
                OF THE BUSINESS

            

    

     

    There
      is
      no reason why the Buyer immediately after the Exchange Date and Completion
      will
      not be able to carry on the Business and trade the Securities Portfolio as
      it
      was carried on prior to the Exchange Date and there is no abnormal factor
      materially and adversely affecting the Business or Securities
      Portfolio.

     

    
      	
              5

            	
              EMPLOYEES

            

    

     

    
      	
              5.1

            	
              Employees
                employed in the Business

            

    

     

    
      	
               

            	
              5.1.1

            	
              The
                Employees are all employed by the Seller in the Business and work
                wholly
                or mainly in the Business and there are no other persons employed
                or
                engaged in any capacity in the
                Business.

            

    

     

    
      	
               

            	
              5.1.2

            	
              The
                Seller has not moved any Employee into the Business from another
                part of
                its business in the three months before the Exchange Date or moved
                any
                employee out of the Business into another part of its business in
                the same
                period.

            

    

     

    
      	
               

            	
              5.1.3

            	
              There
                are no outstanding offers of employment or offers of engagement to
                provide
                consultancy or other services to the Business, and no person has
                accepted
                such an offer of employment or engagement but not yet taken up the
                position accepted.

            

    

     

    
      	
              5.2

            	
              No
                change in employment terms

            

    

     

    
      	
               

            	
              5.2.1

            	
              No
                change has been made to any term or condition of employment of any
                Employee with or without his or her consent in the three month period
                ending on the Exchange Date.

            

    

     

    
      	
               

            	
              5.2.2

            	
              The
                Seller has not made any representation or statement to any of the
                Employees concerning employment with the
                Buyer.

            

    

     

    
      	
              5.3

            	
              No
                notice or termination

            

    

     

    None
      of
      the Employees has given or received notice terminating his or her employment
      and
      no Employee is entitled to give such notice as a result of the Seller entering
      into or implementing this agreement.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

     

    
      	
              5.4

            	
              No
                objection

            

    

     

    No
      notice
      of objection under Regulation 4(7) of the Transfer Regulations has been received
      by the Seller from any Employee and, as far as the Seller is aware, no such
      notice is pending or threatened.

     

    
      	
              5.5

            	
              No
                guaranteed increase

            

    

     

    No
      Employee has been promised or is accustomed to receiving any guaranteed increase
      in basic salary or other benefits and there is no agreement with any Employee
      to
      increase his or her basic salary or any other benefits at a date in the
      future.

     

    
      	
              5.6

            	
              No
                salary or benefits in
                arrears

            

    

     

    There
      is
      no salary, remuneration or other benefit which any Employee has accrued which
      is
      in arrears, unpaid or unprovided other than basic salary for part of the current
      month or holiday entitlement, and there is no outstanding undischarged liability
      to pay to any government or regulatory authority any tax, national insurance
      contributions, or any other such charges in respect of the
      Employees.

     

    
      	
              5.7

            	
              Share
                schemes

            

    

     

    There
      are
      no share schemes (whether contractual or discretionary) applicable to any of
      the
      Employees.

     

    
      	
              5.8

            	
              Long-term
                absence

            

    

     

    No
      Employees are absent from work (whether on maternity leave, unpaid leave,
      long-term sickness or otherwise).

     

    
      	
              5.9

            	
              No
                disputes

            

    

     

    There
      is
      no litigation, claim or other dispute existing, pending or threatened (whether
      orally or in writing) between the Seller and any of the Employees, or any former
      employees or any other persons who used to work in the Business or their
      personal representatives or dependants, or between the Seller and any trade
      union, staff association, works council or any other employee representative,
      and the Seller has no reasonable grounds to believe that any Employee will
      bring
      any court or tribunal case, claim or action against the Buyer arising out of
      the
      Employee's employment with the Seller.

     

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    
      	
              5.10

            	
              Consultation
                etc.

            

    

     

    The
      Seller
      has complied with its obligations under Regulation 13 of the Transfer
      Regulations, and has complied with its obligations under ss188-194 Trade Union
      and Labour Relations (Consolidation) Act 1992.

     

    
      	
              5.11

            	
              Human
                Resources records

            

    

     

     The
      Seller
      has in its possession complete and accurate records to the extent required
      by
      law regarding the employment of the Employees, including records of all
      disciplinary warnings, hearings and other such matters, which records are easily
      accessible and in a form which can be passed to the Buyer at the Completion
      Date.

     

    
      	
              5.12

            	
              Compliance
                of the Seller

            

    

     

    The
      Seller
      has not breached or failed to comply with any, order, notice, judgement or
      award
      in relation to any of the Employees.

     

    
      	
              6

            	
              INTELLECTUAL
                PROPERTY

            

    

     

    
      	
              6.1

            	
              Infringement
                by the Business

            

    

     

    No
      part of
      the conduct of the Business or trades in the Securities Portfolio carried on
      by
      the Seller now or in the 6 years prior to Completion infringed, infringes,
      is
      likely to infringe or has been alleged to infringe any Intellectual Property
      of
      any other person, nor gave, gives, is likely to give or has been alleged to
      give
      rise to any obligation to pay any royalty, remuneration or other sum relating
      to
      the use of Intellectual Property.  The carrying on of the Business or
      trades in the Securities Portfolio by the Buyer after Completion, in the same
      manner as carried on by the Seller prior to Completion, will not infringe or
      be
      likely to infringe nor be alleged to infringe any Intellectual Property of
      any
      person.

     

    
      	
              6.2

            	
              Licence
                to the Business

            

    

     

    Full
      and
      accurate details of the terms of any licensing or other arrangements under
      which
      the Seller or any member of the Seller's Group has or will have the use of
      any
      third party Intellectual Property in relation to the Business or trades in
      the
      Securities Portfolio are Disclosed and all such licenses or arrangements are
      valid and subsisting.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    

     

    
      	
              6.3

            	
              Sufficiency

            

    

     

    The
      Intellectual Property, together with any other Intellectual Property licensed
      to
      the Seller pursuant to any arrangements which have been Disclosed against
      paragraph 6.2, comprise all of the Intellectual Property required by the Buyer
      to enable it to carry on the Business and trade the Securities Portfolio
      following Completion.

     

    
      	
              6.4

            	
              Confidential
                information of the
                Business

            

    

     

    All
      confidential information used by the Seller in the Business is in its lawful
      possession and under its sole control.  The Seller has not disclosed
      and is not obliged to disclose any confidential information relating to or
      used
      in the Business to any person.  So far as the Seller is aware, no such
      confidential information is in the unauthorised possession or use of any third
      party.  So far as the Seller is aware, no person to whom any
      confidential information has been disclosed by the Seller has breached or
      threatened to breach any obligations of confidence or other obligations imposed
      on it.

     

    
      	
              6.5

            	
              Confidential
                information of others

            

    

     

    No
      confidential information has been disclosed to the Seller, except on terms
      the
      details of which are Disclosed.  So far as the Seller is aware, the
      Seller is not in breach of any obligation of confidence owed to any third
      party.

     

    
      	
              7

            	
              INSURANCE

            

    

     

    
      	
              7.1

            	
              Insurance
                arrangements

            

    

     

    All
      insurance arrangements relating to the Business and Securities Portfolio have
      been Disclosed.

     

    
      	
              7.2

            	
              Exchange
                Date to Completion

            

    

     

     All
      insurance arrangements Disclosed pursuant to paragraph 7.1 will remain in full
      force and effect between the Exchange Date and Completion.

     

    
      	
              8

            	
              LITIGATION

            

    

     

    There
      are
      no suits, actions, litigation, arbitration or tribunal proceedings or
      governmental investigations pending or threatened by or against the Seller
      in
      connection with the Business, the Assets, the Securities Portfolio, the
      Portfolio 

     

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    Contracts
      or the Employees and the Seller is not aware of any circumstances likely to
      give
      rise to any of these.

     

    
      	
              9

            	
              PENSIONS

            

    

     

    
      	
              9.1

            	
              Pension
                Scheme

            

    

     

    All
      information in the possession and/or control of the Seller relating to the
      pension arrangements of the Employees have been Disclosed.

     

    
      	
              9.2

            	
              No
                other pension schemes

            

    

     

    There
      is
      not in operation a superannuation pension, life assurance, death benefit,
      sickness or accident benefit scheme or arrangement in respect of which the
      Seller has or may have any liability (whether legally binding or not) to
      contribute or incur an obligation to any Employee (or any of their dependants)
      and no proposals has been announced to enter into or establish any scheme or
      arrangement of that kind other than the contributions made by the Seller to
      the
      personal pension schemes of the Employees, details of which are set out in
      schedule 2.

     

    
      	
              10

            	
              TAXATION

            

    

     

    
      	
              10.1

            	
              PAYE
                and National Insurance

            

    

     

     All
      amounts for which the Seller should have accounted to HM Revenue & Customs
      in respect of PAYE and national insurance in relation to the Employees have
      been
      paid and all relevant returns have been made in all cases by the due date for
      the same.

     

    
      	
              11

            	
              DISCLOSURE
                AND INFORMATION SUPPLIED

            

    

     

    
      	
              11.1

            	
              Quality
                of information

            

    

     

     All
      information contained or referred to in this agreement or which has been given
      to the Buyer or to the representatives and professional advisers of the Buyer
      by
      the Seller or its professional advisers in the course of the negotiations
      leading to this agreement was provided in good faith by or on behalf of the
      Seller to the Buyer and is accurate and not misleading to the
      Buyer.

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    
      	
              12

            	
              RECORDS
                AND STORAGE OF INFORMATION

            

    

     

    
      	
              12.1

            	
              Records
                etc, properly kept

            

    

     

    All
      the
      accounts, books, ledgers and financial and other records of whatsoever kind
      relating to the Business (including all VAT invoices and other VAT Records)
      and
      Securities Portfolio have been fully and properly kept and completed with no
      material omissions, inaccuracies or discrepancies contained or reflected
      therein.

     

    
      	
              12.2

            	
              All
                records under Seller's
                control

            

    

     

    None
      of
      the Business Information is recorded, stored, maintained, operated or otherwise
      wholly or partly dependent upon or held by any means (including any electronic,
      mechanical or photographic process whether computerised or not) which (including
      all means of access to and from the same) are not under the exclusive ownership
      and direct control of the Seller.

     

    
      	
              12.3

            	
              No
                restrictions on access to
                records

            

    

     

    The
      Seller
      is not aware of the existence of any other circumstances which are likely to
      cause the access to any such records, systems, data or information to cease
      to
      be available or to become adversely limited.

     

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      4

     

    Limitation
      on claims

     

    
      	
              1

            	
              Time
                Limit on Claims

            

    

     

    No
      claim
      shall be brought by the Buyer for any breach of any of the Warranties unless
      the
      Buyer shall have given notice of the claim to the Seller on or before the later
      of (i) 29 December 2006; and (ii) the first Business Day after the Completion
      Date.

     

    
      	
              2

            	
              Minimum
                Claims

            

    

     

    Seller
      shall only be liable in respect of any claim brought by the Buyer for breach
      of
      any of the Warranties if the aggregate amount of all claims brought by the
      Buyer
      exceeds a total of £10,000 but if this minimum is exceeded, the Buyer may after
      the minimum is exceeded claim for and the Seller shall be liable for all or
      any
      breaches of the Warranties, whether those breaches occur before or after the
      time when that minimum is exceeded and irrespective of the amount or aggregate
      amounts of the claims made but subject always to the limitations in paragraphs
      1
      and 3.

     

    
      	
              3

            	
              Total
                Liability

            

    

     

     The
      aggregate liability (exclusive of interest on any judgment obtained) of the
      Seller in respect of claims brought by the Buyer for breaches of the Warranties
      (other than liability for claims under the Warranties relating to Taxation
      in
      respect of which there shall be no limitation on the amount of any liability
      of
      the Seller) shall not exceed a maximum aggregate sum of £250,000 including all
      legal, accountancy and other costs, fees and expenses incurred by the Buyer
      in
      seeking to enforce its rights in respect of such breaches of the
      Warranties.

     

    
      	
              4

            	
              Conduct
                of Proceedings

            

    

     

    
      	
              4.1

            	
              Upon
                the Buyer notifying the Seller of any claim in respect of the
                Warranties which arises as a result of a claim, action or demand
                by a
                third party against the Buyer, the Buyer
                shall:

            

    

     

    
      	
               

            	
              4.1.1

            	
              provide
                to the Seller such documentation and information relating to the
                claim as
                the Seller shall reasonably
                request;

            

    

     

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              4.1.2

            	
              give
                due consideration to all reasonable requirements of the Seller and
                its
                professional advisers in respect of the
                claim;

            

      	 	 	 

      	 	
              4.1.3

            	
              at
                all times keep the Seller fully informed of all matters pertaining
                to the
                claim and of all steps proposed to be taken;
                and

            

      	 	 	 

      	 	
              4.1.4

            	
              not
                admit, settle, discharge or compromise the claim without the prior
                written
                agreement of the Seller, that agreement not to be unreasonably withheld
                or
                delayed.

            

    

     

    
      	
              5

            	
              No
                Liability if Loss is Otherwise Made
                Good

            

    

     

    
      	
              5.1

            	
              Buyer
                can only claim once

            

    

     

    The
      Seller
      shall not be liable for breach of any Warranty to the extent that any damage,
      liability or loss suffered or incurred by the Buyer  as a result of
      that breach has been or is made good without cost to the Buyer.

     

    
      	
              5.2

            	
              Recovery
                from third parties

            

    

     

    Where
      the
      Buyer is at any time entitled to recover from some person other than the Seller
      (not being a person who has been declared insolvent by a court of competent
      jurisdiction or any member of the Buyer's Group) any sum in respect of any
      matter giving rise to a claim under the Warranties the Buyer (as applicable)
      shall undertake all necessary steps at the Seller's expense (for which purpose
      the Seller shall provide the Buyer with reasonable security in advance, if
      so
      requested) to enforce such recovery before making a claim against the Seller
      provided that:

     

    
      	
               

            	
              5.2.1

            	
              this
                shall not preclude the Buyer from giving the Seller notice of a claim
                required pursuant to paragraph 1;

            

    

     

    
      	
               

            	
              5.2.2

            	
              the
                Buyer shall not be precluded from pursuing a claim against the Seller
                if
                (having complied with its obligations under this paragraph) it shall
                not
                have recovered from such other person as aforesaid within twelve
                months
                from undertaking those steps;

            

    

     

    
      	
               

            	
              5.2.3

            	
              the
                Buyer shall not be required to take or procure any of those steps
                where
                the Seller consents to the Buyer not so doing and the Seller shall
                so
                consent if the taking of any steps would damage any trading relationship
                or the goodwill of the Buyer's Group to a material
                

            

    

     

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

     

    disproportionate
      extent having regard to the
      magnitude of the claim; and

     

    
      	
               

            	
              5.2.4

            	
              in
                the event that the Buyer shall recover any amount from that other
                person,
                the amount of the claim against the Seller shall be reduced by the
                amount
                recovered (less all reasonable costs, charges and expenses incurred
                by the
                Buyer recovering that sum from that other person and net of any
                Tax).

            

    

     

    
      	
              5.3

            	
              Repayment
                of amount subsequently recovered from third
                party

            

    

     

     If
      the
      Seller pays at any time to the Buyer an amount pursuant to a claim in respect
      of
      the Warranties and the Buyer subsequently recovers from some other person any
      sum in respect of any matter giving rise to such claim, the Buyer shall repay
      to
      the Seller so much of the amount paid to the Buyer as does not exceed the sum
      recovered from that other person (less all costs, charges and expenses incurred
      by the Buyer recovering that sum from that other person and net of any
      Tax).

     

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      5

     

    Exchange

     

     

    
      
        	
                1.

              	
                The
                  Seller shall deliver to the Buyer on the Exchange
                  Date:

              

      

    

     

    
      	 	
              1.1

            	
              a
                copy of the minutes of a meeting of the directors of the Seller in
                the
                Agreed Terms authorising the execution by the Seller of this agreement
                and
                all other relevant documents referred to in this agreement;
                

            

      	 	 	 

      	
               

            	
              1.2

            	
              a
                copy of the minutes of a meeting of the directors of the Shareholder
                in
                the Agreed Terms authorising the execution by the Shareholder of
                this
                agreement and all other relevant documents referred to in this agreement;
                and

            

    

     

    
      	
               

            	
              1.3

            	
              a
                letter from Merrill Lynch in the Agreed
                Terms.

            

    

     

    
      	
              2.

            	
              The
                Seller shall ensure that the Buyer Appointed Manager is duly
                appointed.

            

    

     

    
      	
               

            	
              3.

            	
              The
                Buyer shall deliver to the Seller on the Exchange Date a copy of
                the
                minutes of a meeting of the directors of the Buyer in the Agreed
                Terms
                authorising the execution by the Buyer of this agreement and all
                other
                relevant documents referred to in this
                agreement.

            

    

     

    
      	
              4.

            	
              On
                the Exchange Date or as soon as reasonably practicable thereafter
                and in
                any event within two Business Days of the Exchange Date, the Buyer
                shall
                procure that the consideration for the Business and the Assets pursuant
                to
                clause 4.1.1 shall be paid by way of
                electronic transfer for same day value to the client bank account
                of the
                Seller's Solicitors, which payment in the manner specified shall
                constitute a full and final discharge of the obligation of the Buyer
                to
                make the payment pursuant to clause 4.1.1.

            

    

     

    
      	
              5.

            	
              On
                the Exchange Date or as soon as reasonably practicable thereafter
                and in
                any event within two Business Days of the Exchange Date, the Buyer
                shall
                procure that the consideration for the Option pursuant to clause
4.1.2 shall be paid by way of electronic
                transfer for same day value to the client bank account of the Seller's
                Solicitors, which payment in the manner specified shall constitute
                a full
                and final discharge of the obligation of the Buyer to make the payment
                pursuant to clause 4.1.2.

            

    

     

    

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      6

     

    Completion

     

    
       

      
        	
                1.

              	
                The
                  Seller shall deliver to the Buyer on
                  Completion:

              

      

      
         

        
          	 	
                  1.1

                	
                  
                    all
                      the Assets which are capable of passing by delivery when, by
                      virtue of
                      such delivery, title to those Assets shall pass to the
                      Buyer;

                  

                

          	 	 	 

          	
                   

                	
                  1.2

                	
                  
                    all
                      the Business Contracts and all books, records and other documents
                      to be
                      transferred and delivered to the Buyer under this agreement
                      including the
                      Business Records;

                  

                

          	 	 	 

          	 	
                  1.3

                	
                  the
                    Seller shall deliver or procure the delivery to the Buyer of
                    its records
                    of National Insurance and PAYE relating to all the Employees
                    duly
                    completed up to the Completion Date; and

                

          	 	 	 

          	 	
                  1.4

                	
                  if
                    the Option is exercised, such duly executed transfers, assignments
                    and
                    other assurances as are reasonably required by the Buyer's Solicitors
                    to
                    vest title to the Securities Portfolio in the Buyer together
                    with any
                    necessary consents and licences and all deeds and documents relating
                    to
                    the title of the Seller to the Securities
                    Portfolio.

                

        

         

      

    

    
      	
               

            	
              2.

            	
              On
                Completion, the Buyer shall procure that £1 due in accordance with clause
                5.3 shall be paid in cash to the Seller, which payment in the manner
                specified shall constitute a full and final discharge of the obligation
                of
                the Buyer to make the payment pursuant to clause 5.3.

            

    

     

    
      	
              3.

            	
              On
                Completion, the Seller shall procure that £369,200 due in accordance with
                clause 6.2 shall be paid in cash in the
                manner specified in clause 6.2, which payment
                in the manner specified shall constitute a full and final discharge
                of the
                obligation of the Seller to make the payment pursuant to clause 6.2.

            

    

     

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      7

     

    Conduct
      of the Business until Completion

     

    
       

        
          	
                  1

                	
                  CONTINUATION
                    OF THE BUSINESS

                   

                
	 	
                  The
                    Seller shall, from the Exchange Date until Completion:

                   

                
	 	
                  1.1

                	
                  continue
                    to carry on the Business in the normal course and so as to maintain
                    the
                    same as a going concern;

                   

                
	 	
                  1.2

                	
                  use
                    reasonable endeavours to retain the services of each of the Employees
                    to
                    the intent that their respective contracts of employment shall
                    be
                    continued until the Completion Date and pending Completion not
                    dismiss any
                    of the Employees except with the Buyer's consent which shall
                    not be
                    withheld in the case of serious misconduct;

                   

                
	 	
                  1.3

                	
                  not
                    do or permit to be done any act or thing or omit or permit the
                    omission of
                    any act or thing which shall be intended to or may impair or
                    have an
                    adverse effect upon the Business or Securities Portfolio or any
                    part of
                    it;

                   

                
	 	
                  1.4

                	
                  give
                    the Buyer such access to the Premises and the Employees as the
                    Buyer may
                    reasonably require and such information and assistance as may
                    reasonably
                    be necessary to enable the Buyer to monitor the Business and
                    trades in the
                    Securities Portfolio and familiarise itself with the
                    Business;

                   

                
	 	
                  1.5

                	
                  maintain
                    such insurance as was in place prior to the Exchange Date;

                   

                
	 	
                  1.6

                	
                  so
                    far as the Seller is able, give the Buyer's Appointed Manager
                    details of
                    the Securities Portfolio, all related transactions and all real-time
                    and
                    overnight risk measurements in respect of the Business and the
                    Securities
                    Portfolio by means of electronic access to all trading systems
                    of the
                    Seller and all trading systems, clearing output and measurements
                    of
                    Merrill Lynch that relate to the Merrill Lynch account and the
                    Buyer's
                    Appointed Manager shall have the right to demand that changes
                    are made to
                    the positions in the Securities Portfolio; and

                   

                

        

         

         

        
          
            
            

          

          
            57

            
              

            

          

          
            
            

          

        

        
 

        
          	 	
                  1.7

                	
                  comply
                    with all laws, rules and regulations applicable to the Business
                    and the
                    Securities Portfolio (including FSA rules and guidance).

                   

                
	
                  2

                	
                  RESTRICTIONS
                    ON CONDUCT OF BUSINESS

                   

                
	 	
                  The
                    Seller shall not from the Exchange Date until Completion (except
                    with the
                    prior written consent of the Buyer):

                   

                
	 	
                  2.1

                	
                  undertake
                    any trades, positions or activities, other than Give-up Trades,
                    on any
                    account other than those held by the Seller at its clearing agent,
                    Merrill
                    Lynch;

                   

                
	 	
                  2.2

                	
                  change
                    the scope or nature of the activities carried on by the
                    Business;

                   

                
	 	
                  2.3

                	
                  dispose
                    of or agree to dispose of, or grant or agree to grant any option
                    over any
                    of the Assets, the Securities Portfolio or the Portfolio
                    Contracts;

                   

                
	 	
                  2.4

                	
                  enter
                    into any agreement, contract, commitment, lease or transaction
                    outside the
                    ordinary course of the day-to-day trading of the Business or
                    the
                    Securities Portfolio;

                   

                
	 	
                  2.5

                	
                  enter
                    into any individual contract or commitment (or series of contracts
                    or
                    commitments) (excluding trades) relating to or affecting a material
                    part
                    of the Business or the Securities Portfolio or which contains
                    any
                    materially unusual or abnormal or onerous terms;

                   

                
	 	
                  2.6

                	
                  modify,
                    amend, cancel or terminate any of the Business Contracts or Portfolio
                    Contracts subsisting at the Exchange Date;

                   

                
	 	
                  2.7

                	
                  commit
                    any material breach of any term of any of the Business Contracts
                    or
                    Portfolio Contracts subsisting at the Exchange Date which could
                    give rise
                    to a right of termination by any other party to it or which could
                    give
                    rise to a material claim for damages or other compensation by
                    any such
                    party;

                   

                
	 	
                  2.8

                	
                  create
                    or agree to permit to be created any mortgage, charge, lien or
                    encumbrance
                    on any of the Assets, the Securities Portfolio or the Portfolio
                    Contracts;
                    or

                   

                

        

         

         

        
          
            
            

          

          
            58

            
              

            

          

          
            
            

          

        

        
 

        
          	 	
                  2.9

                	
                  enter
                    into any new, or vary the terms of any existing, agreement or
                    arrangement
                    with any Employee or trade union or other body collectively representing
                    all or some of the Employees.

                
	 	 	 

        

      

    

     

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

     

    
      	
              EXECUTED
                as a Deed

               

              by Stephen
                Hills

               

              and John
                Hale   

            	
              
                 

                 

                Director

                 

                Director

              

            	
              )

              )

              )
                /s/ Stephen Hills    

              )

                /s/
                John Hale   

            
	
              duly
                authorised for and on behalf of

               

              HILLS
                INDEPENDENT TRADERS LIMITED

            	 

    

     

    

    
       

      
        	
                EXECUTED
                  as a Deed

                 

                by Quinton
                  S. Wood

                 

                and C.
                  Rondeltap

              	
                
                   

                   

                  Director

                   

                  Director

                

              	
                )

                )

                )
                  /s/ Quinton S. Wood    

                )

                  /s/
                  C. Rondeltap

              
	
                duly
                  authorised for and on behalf of

                 

                
                  VAN
                    DER MOOLEN EQUITIES
                    LIMITED

                

              	 

      

       

       

      
         

        
          	
                  EXECUTED
                    as a Deed by BINCK N.V.,

                	)
	
                   

                  by T.
                    Schaap

                   

                  and P.
                    Aartsen

                	
                  
                     

                    Director

                     

                    Director/Secretary,
                      

                  

                	
                  )

                  )
                    /s/ T. Schaap    

                  )

                    /s/
                    P. Aartsen

                
	
                  duly
                    authorised for and on behalf of

                   

                  
                    BINCK
                      N.V.

                  

                	 

        

      

    

     

    
      
        
        

      

      
        60

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