A WORRYING VISION of the European securities market is taking shape in some minds. It shows a rapacious monopoly processing all trades from the Atlantic to the Urals, reshaping settlement in its own interests and winning custodian business away from the traditional players. But because it is owned by its users, this monster is hard to attack. Unlike your typical dystopian fantasies set decades or centuries in the future, though, this one is imminent. It is happening now.
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