Bürgenstock 2006: McCreevey may force exchanges to end clearing monopolies

Speakers said that the US markets had benefited from charges up to eight times lower than some European exchanges. "I think this is hurting business growth. Europe is lagging because the clearing side is too expensive,” said Roger Ryff, trading director at the Zurich-based broker Timber Hill.

The problem is that the clearing houses are effectively insulated from competition, said Phil Simons, head of client solutions at ABN Amro in London. “The biggest barrier to effective competition is the

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