Hee. A fair twist on Hinder. Slightly better than Wizards would print these days, given that Cancel is the normal baseline, but probably fine. The wording is a bit odd, though: what do you intend this to do on spells that say "~ is uncounterable"? I think the wording should either be simply "Exile target spell" as on Mindbreak Trap, or "Counter target spell. If that spell is countered this way, exile it instead of putting it into its owner's graveyard" based on Memory Lapse.

I wasn't sure on counter-spells: I thought cancel was the baseline, but apparently they are prepared to print spells that are slightly strictly better than cancel. I agree this is probably a smidge too much better, as you'd essentially always play it, but data points:

­Faerie Trickery - Lorwyn, This spell, but counter target non-faerie spell. Just as good in most situations.
­Dissipate -- Identical spell, but from Mirage
­Stoic Rebuttal -- Strictly better than cancel
­Hinder -- From Kamigawa, not sure when the new baseline came in

Seventh Edition -- includes counterspell
Eighth & ninth edition -- include several not-strictly-worse-than-counterspell-but-not-as-good spells
Tenth -- includes cancel

In a block, I think this spell is not overpowered, nor is adding another cancel to standard likely to be a problem, it just seems ineligant to obsolete cancel directly. Other options would be to cost it at UUU (and maybe give it a choice of putting the card in the library), or costing it at 1U or UU or 1UU and making it slightly more restrictive.

Actually, since this is a precise word-for-Oracle-word reprint of Dissipate, I somewhat retract my objection. I hadn't realised Wizards had already printed this card :)

Yeah, I'd never heard of it until I did a gatherer search (I should stop being surprised by that, any day now). But OTOH, it was printed when counterspell was still around, so it doesn't really say whether this is fair better-than-cancel spell according to modern costing standards. It clearly wouldn't break anything, but I lean to the view they wouldn't print it (although it wouldn't do any harm in a homemade block, just be very slightly off-baseline).

if worried either make it which Wizards would print or go for which makes it almost impossible to splash keeping it from being strictly better than Cancel