Change is good, but not quite what UK MPs have in mind. Their vote in favour of ending the so-called 'beer-tie' is a great idea. In effect, it will allow large pub operators to purchase their beer from wherever they like, instead of being forced to buy it from the likes of Enterprise Inns or Punch Taverns from which they let their properties. Nor will those companies be able to compensate for that by raising their rents. While not exactly a free-market approach, the fact remains that the above business model is out of date, generating returns on capital employed (ROCE) of approximately just 4%, according to S&P Capital IQ. Conversely, a firm such as JD Wetherspoon, who also runs the pubs it owns, has a ROCE of 9%. Conversely, they could opt to turn into straightforward property companies, the Financial Times's Lex column explains.It is too soon to move back into the shares of companies in the inter-dealer broker industry such as ICAP. While it may be tempting to ponder the possibility that the much awaited return of volatility to global financial markets may finally be at hand, there have been false dawns before. The situation is so uncertain that even the company's founder, Michael Spencer, has given up making forecasts and if there is anyone who knows the industry it is him.Meanwhile, on a reported basis the firm's revenues were off by 15% over the six months to the end of September. Even on a constant currency basis sales at its voice-broking unit were off by the same, as banks continue to cut back on risk. Freezing the dividend at 6.6p is not a sign of confidence either, so despite offering a dividend yield of 5.6%, " I suspect now is not the time to move back into Icap and its peers," says The Times's Tempus.