Yet another report by the great and good of the financial world on the clearing and settling of securities―the 15th since 1989―would not merit much attention, but for two things. First, it addresses new systemic concerns after the terrorist attacks of September 11th 2001, which exposed unforeseen weaknesses in securities settlement in New York. Second, it enters the debate raging in Europe over whether some exchanges are misusing a monopolistic processing infrastructure. Regulators are pondering both issues. The report by the Group of Thirty (G30), an informal body of bankers and officials, proposes market-based solutions, rather than more regulation.
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