Now that the triumphant progress of computerisation has become unstoppable, the race for the establishment of electronic trading systems has become more heated. Fiercer competition, in terms of both products and costs, has necessitated concentration and cooperation.
The splitting up of the trading platforms for the spot and futures markets into individual markets and the fragmentation of settlement systems with inefficient and cost-ineffective settlement procedures, especially those for cross-border securities trading, are no longer suited to the age of the single currency. 3.