As far as the clearing and settlement infrastructure was concerned, 2000 was a case of two steps forward, one step back. Central securities depositories finally began the long - and long overdue - process of consolidation, but they were not helped by the continued uncertainty over the shape of the markets, especially after the proposed iX merger of the London and Frankfurt exchanges collapsed.

Many in the industry are laying the blame for the frustrations of the last year at the door of one institution: Clearstream, the international securities depository located in Luxembourg. Under the leadership of André Lussi, Clearstream has been cited on more than one occasion for its inflexibility and its unwillingness to engage in serious merger talks with Euroclear, its Brussels-based rival.