Competition, consolidation and change - Securities clearance

Article

Competition, consolidation and change

Key considerations in European securities clearance

Competition in securities trading and clearing, the introduction of new trading venues and CCPs, and the repositioning of some market participants continue to reshape the securities markets. The accelerated change driven by regulation continues to affect banks, broker dealers and clearers.

Executive summary

  • CCP clearing fees have reached their lowest levels for the time being. CCP focus for the coming year will be on consolidating the
    existing business and investing in new ones
  • Interoperability has come to a stand-off between the large exchanges in Europe. Only the trading community can move
    things in the right direction, i.e. more trading venues participating
  • There will be fewer, but highly regulated and strictly supervised, equity CCPs in Europe 
  • Segregation and portability will offer new protection to non-self clearing entities but will also raise costs. Alternatively, a strong
    and reliable partner can be chosen as a clearer
  • OTC securities clearing will become commonplace within a few years
PDF file - size: 332kb

Performance issue 13 – January 2014

Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients. 

Performance issue 13 - PDF file - size: 4.9mb
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