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Jill M. Considine, DTCC Chairman and CEO | January 21, 2004


You can almost hear the hammers pounding and the saws buzzing as the architecture of Europe’ s financial marketplace changes. This isespecially so in the institutions that operate the posttrade clearing and settlement systems. One of the larger projects is the merger of LondonStock Exchange’s principal clearing agency, London Clearing House, with Clearnet, a clearing organization owned by Euronext, the LSE’s sometime competitor.

Progress is being made but it is far from obvious who holds the blueprint for change. Industry organizations, the European Commission and the Group of Thirty have all weighed in with studies and recommendations to spur market consolidation. Some fear that without general consensus on clearing and settlement, cross-border securities trading in Europe will remain hampered by inefficiencies, high costs, high risks and opaque governance.

Download the Congressional Testimony: Let the Customers Decide on European Clearing