LIBA statement of principles when consolidating Stock Exchanges

03 February 2005

The London Investment Bank Association (LIBA) published a statement calling on exchanges and public authorities to follow certain principles in any consolidation of Europe’s Stock Exchanges and Central Market Infrastructure. The statement deals with the issues of how to avoid conflicts of interest, cross-subsidy and distorted competition and how to ensure that market users continue to share the benefits of technical progress and falling costs.

The principles also include that exchanges and other infrastructure providers should adopt robust and lasting systems of governance and that the impact of any change on all relevant downstream markets is duly evaluated.

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