An Efficient Europe: Clearing and Settlement Alternatives
Almost ten years after the introduction of the euro, the cost to trade securities across borders remains high, thanks largely to the European Union's complicated infrastructure. And the exact route toward that elusive single European financial market, where post-trade processing is harmonized and efficient, is still a work in progress.
The Markets in Financial Instruments Directive (MiFID) has fostered the creation of alternative trading venues to compete with incumbent national stock exchanges, but there have been no easy answers for the post-trade landscape. Proposed solutions broadly fall into two camps--consolidation or competition.
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