Streamlining europe's maze of na- tional securities clearing organizations to bring down the high costs of cross-border equities trading has been a dream for more than a decade. Two years ago the European Union's Internal Market commissioner, Charlie McCreevy, drew up a code of conduct calling on clearing and settlement bodies to provide price transparency and open access to one another's systems. But his vision of interoperability in posttrade services faces a growing threat from futures exchanges, which increasingly regard proprietary clearing systems as a key competitive tool.
展开▼
