Wednesday, March 08, 2006

Clearing and settlement: Competition and Internal Market Commissioners will act unless there is further action from industry

And the beat goes on, as demonstrated in this press release:
Unless market players come forward with effective and realistic changes to improve the clearing and settlement (C/S) of securities in the EU, the European Commissioners for Competition and the Internal Market intend to propose action on the basis of EU competition and single market rules before the summer break. The current fragmented national monopolies in trading infrastructures such as exchanges, clearinghouses and securities depositaries, create high costs for the EU economy and represent significant impediments to efficient cross-border trading in the EU. The securities Industry needs to accelerate work on removing a number of barriers significantly, and provide a firm timetable for change.

Been there, seen it, done that. And the SEPA discussion shows that the Commission will regulate regardless of what happens in the market.

This banging on the EU-drum.... is that really what the citizen wants..?