JUST WEEKS AFTER the London Clearing House and Clearnet announced their merger and celebrated their contribution towards a pan-European securities infrastructure, Spanish securities trading group Meff revealed details of a plan to set up a rival European clearing network.
It is rejecting the trend towards horizontal ownership in securities trading and processing and, in the words of one banker, “doing a Germany” by setting up a vertical structure. Critics say this is yet another example of Spanish protectionism.
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