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Very interesting article Steve. One does wonder what is going to happen in the Clearing space at the same time... A similar battle could take place for the flow, creating all sorts of interesting repercussions (particularly if interoperability is delayed
Thanks for the comment Kiri. You're right that the fragmented clearing picture in Europe is a real issue. As the long-awaited move away from vertical clearing silos towards true interoperability materialises, then this will make it even easier to trade across
multiple venues. If this ever led to a single 'virtual' clearer, then we may see fragmentation in Europe approach those levels seen in the US.