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We have been operating dual markets of quote driven and order driven for decades now and with technology capability today the present construction of markets looks at odds with what is needed by society and the general economy. Rather than trying to perputuate the original markets and their now forgotten purpose perhaps its time to take a fresh look at what is being acheived?

You cant be partially pregnant and i suspect the time has come to reconstruct and ditch what we might see as valuable today but for something more valuable tomorrow

It was obvious to most people that as soon as laws and rules were introduced to bring competition to Stock Exchanges that the current market condition would arise. You cant have it both ways! The price of competition is fragmentation and a loss of transparancy. Who knows what Best execution is today and the cost of proving it has been huge. Markets by definition are encompassing different push and pulls with different types of firm and business gaining or losing as a result of change

The problem has been the changes have been made far too often with the laws of unintended consequences ignored. This has either been intentional or not but either way its downright stupid and smacks of a lack of responsibility by those we charge to know better  

This sounds good but has to be verified to its real capability. LEI is big and coming everyones way and mapping is not the answer. To be fair Golden Source know this business pretty well but i am always wary of self proclaimed leaders

Great LSE now move on and build from here. Aquisitions must be looked at to increase coverage. NYSE Euronext looks tempting

Good stuff and it shows what can be done when focus and drive to change is managed properly. In the UK sadly there is almost the reverse of the Russian capability with vested interestsand historicle structures more barriers to change. A almost complete lack of direction and with no leadership the UK will take more time and leave a wake of costs before it will achieve the Russian result  

This is a good start but the conduct of LIBOR data must include transparancy of where and how the data is compiled, the systems that are being used and how they can be verified in terms of performence and capability. A industry standard of data creation and distribution including auditable proceses and systems along with a annual report stipulating capability and performence. Finally an agreed and published sanction list for breaches

I think the management of this industry project has been truly abysmal and why there is fragmentation between Corporates and Banks and why there is no joined up thinking. Just creating a law or rules and expecting everything to just happen is never going to work. Typical of European thinking that they really thought it would 

Its a real shame that SEPA has not been marketed as well as it should. It is still a mystery to far too many corporate treasurers. I fear SEPA will continue to be a slow low take up game. Worthy of a Kiwi cricket pitch. How many wickets will SEPA get?

I always believe that understanding the past can pave the way to a brighter future. 25 years ago there was far more vibrancy and a desire to change or evolve. Good and bad decisions were made and some curse us today. Non the less there was a organic change process created from the markets rather than politically inspired changes we find today

Chris you make some decent points about the German history and it shows that with good management and a focus on business what success can be achieved. 

Hands up who has received any communication from their banks about SEPA? Thought not. Hardly anyone i talk to about SEPA has a clue what is and what they should do or not what benefit it is to their business or not if they should push their banks or invest in technology or change their procedures and so on and on. This such a badly run industry project with those pushing it not taking enough hands on and expecting everyone to be there. You gota tell people chaps!