Whilst this is not just as simple as "London is an expensive place to do business", the "being expensive" is a symptom of underlying issues, some of which the modernisation programme was meant to address.  The programme is too slow, and TOM is struggling to accelerate momentum.  We have now got to the point that the regulator feels the need to step in and review.  Don't get me wrong, I agree with the principles of TOM and the overall need to modernise the market, but it's just going too slow and many initiatives are just trying to reflect old processes in different technology.   We need to just crack on, leave the naysayers behind and bring data and integration to the front of all the initiatives (we don't need more portals).  Finally, the initiatives need to be inclusive with the market technology vendors, earlier on than they have been.