The European Commission has issued its sternest warning to Europe’s stock exchanges and clearing houses that it will not accept “foot-dragging” in the implementation of reforms aimed at boosting competition in European clearing and settlement.

Charlie McCreevy, the EU internal market commissioner, told a post-trade infrastructure conference in Frankfurt: “I recognise that interoperability between central counterparties involves challenges for providers, users and regulators alike. Thus, all entities have a legitimate interest to study these issues in depth. But endless foot-dragging is not going to be acceptable, be it by incumbent infrastructures or their regulators.”