The City of London released a report on assessing the impact of market and regulatory changes with regard to the European equities post-trading industry. The report identifies a number of areas where the Commission’s estimates of the potential reduction in trading costs arising from integration of post-trading industry are subject to uncertainty. “A lack of direct comparability of data and reported statistics in two key studies relied on by the Commission leads to overstatement of the expected cost savings from integration of the post-trading services industry”, the report says.
The report reviews the Commission Working Document and examined its analysis, methodology and conclusions focusing on the quantitative analysis of the gains from integration of the European post-trading services industry.
Clearing and settlement should be considered in the wider context of integrating all parts of the financial market, the report states and concludes that “removing the barriers to cross-border trading may not lead to the higher levels of trading anticipated by the Commission”.
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