Financial Services Insight06 February 2008

Morgan Lewis is pleased to present this study on the trends of strategic restructuring in the financial services industry.

The financial markets in the United States and abroad are going through the largest structural changes they have experienced in decades. The markets themselves have become for-profit entities-in Europe, the operator of an exchange is a for-profit entity, while in the United States, the exchanges themselves have become public companies. Also, we see bulge-bracket securities firms buying strategic stakes in hedge fund managers. We don’t expect this to continue at the same pace due to the subprime-related credit event, but we do expect there to continue to be transactions in the pure equity manager arena, especially for event-driven managers. Finally, the online business has remained active, with those firms buying companies possessing superior front-end technology for very active traders.

Table of Contents

1. Foreword

2. Plan for Regulators

3. Research Methodology

4. Survey Findings

5. Historical Analysis

6. Notes and Contacts

We hope you find this report useful and we would particularly welcome any feedback or questions you might have.

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