The call for consolidation among Europe’s clearing and settlement houses got louder this February when groups of the largest exchange users in the UK, France, and Italy called on the European Commission to lead the charge.
The London Investment Banking Association (Liba), the French Association of Investment Firms, the French Banking Federation and the Italian Association of Financial Intermediaries, whose members include the most powerful banks in their respective markets, issued a statement saying that they supported the “imposition of the unbundling of the vertical silos if private stakeholders do not start the process on their own”....
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