There can be very few industries that spawn as many committees, working parties, steering groups and trade associations as the securities business. From the Group of Thirty (G30) onwards, there has been a steady stream of them, their members jetting around the world in a ceaseless quest to improve the back office and replenish their air miles. If an issue needs to be fixed, you can guarantee that there will soon be a committee formed to deal with the problem - slowly, but surely.

Despite all this well-intentioned activity, however, there is a worrying absence of leadership. In fact, you could almost make a case for saying that the securities industry is rather paranoid about those who give the impression of being strong leaders. Thus, Werner Seifert and André Lussi, the heads of Deutsche Börse and Clearstream respectively, are viewed with deep suspicion because they are decisive, know what they want and aren't afraid to say it in public. In this business, that is tantamount to being a megalomaniac. Don Cruickshank of the London Stock Exchange is similarly reviled by press, shareholders and clients alike.