More than three years after Europe’s top exchanges and clearing houses struck an agreement to promote competition and reduce the cost of clearing, plans to complete the process have been threatened by some of those who had demanded action in the first place: the regulators.

The November 6, 2006 code of conduct on clearing and settlement was seen at the time as a milestone for the European equity market. Leading infrastructure providers lined up to back the plan to allow clearing houses to link up and compete for each other's business.