Example: Nasdaq offers a service called ACT Risk Management whereby
all Clearing Firms who are a member of the NASD must use ACT Risk
Management to monitor their clients.

What other offerings compare to Nasdaq's ACT Risk Management?  (see
INET Press: http://www.wstonline.com/news/trading/showArticle.jhtml?articleID=159400829).

Nasdaq ACT Risk Management offers an "opt out"
(www.nasdaqtrader.com/trader/tradingservices/
productservices/productdescriptions/Rmoptional.pdf ), what options
would firms do if they "opted out"?

If possible, would like to know which firms have opted out of the ACT
Risk Management Service and which firms still use the service?

ACT Risk Management only records certain type of trades.  What
percentage of these trades are done on Nasdaq (apparently only ACT
risk eligible trades are shown on the ACT Risk Management system). 
Note these trades are not included as they are QSR (Locked-in not
reported to ACT Risk Management
http://www.island.com/subscribers/equitytrans/clearing.asp).

Does Sarbanes-Oxley have anything to do with this Risk Management
monitoring adminsitered by the exchanges or by the clearing firms?

Does Basel II have anything to do with this Risk Management monitoring
adminsitered by the exchanges or by the clearing firms (who are owned
by a bank)?

What risk management offerings do European Exchanges offer to there member firms?