Use of "exchange" in corporate name

FYI

Per Sheila's inquiry and at Sara's direction, I called Ken Raisler at
Cadwalader to determine if using the word "exchange" in a corporation's name
would create any regulatory problems with the CFTC.

Per Ken, there has been some historical sensitivity about the use of the word
"exchange" . As we may have noticed though, a lot more companies are doing
so without concern. He said there was no regulatory problem with the CFTC in
using "exchange" in your corporate name, however, putting "exchange" in a
company's name may put you on the CFTC's radar and get you more scrutiny.

He also said that there may be regulatory conerns in Singapore and Hong Kong,
so if we ever anticipate doing business there, it might not be a good idea.