FT: LSE's calls for competition among stock exchanges

18 March 2004

Gibson-Smith, chairman of the London Stock Exchange, called European policy makers to break down the barriers that prevent stock exchanges from competing with each other in order.

Gibson-Smith singled out for criticism the so-called 'silo' structure as used by the Deutsche Börse, which allows stock exchanges to also own post-trade activities such as clearing and settlement.

'At present, ownership of clearing and settlement by national exchanges is a barrier to effective competition for exchange services,' Gibson-Smith is reported as saying.

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