The European Banking Federation responded to the Commission Communication on the London Economics Paper. FBE
does not share the implicit assumption of the Report that the exclusivity arrangements between trading and post-trade processing systems have a solely negative impact on the market. Any possible policy intervention in this field with the goal of enhancing an integrated European financial market should carefully weigh the costs and benefits of such an intervention, and take into account all factors that have led to the current situation.
Furthermore, the described exclusive arrangements do not prevent a market-driven consolidation process as the recent planned offer of Deutsche Börse for the London Stock Exchange demonstrates.
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