Someone, somewhere in the bowels of Deutsche Börse's press office, can probably explain a rather startling outburst that the German exchange made last month. "Deutsche Börse criticises demands in European Securities Forum (ESF) Action Plan," it said, which gave a clue as to its frame of mind.

It then let go with both barrels. "Deutsche Börse has rejected the polemics in the current action plan of the ESF, which calls for the lifting of restrictions applying to clearing and settlement in Germany. It is common practice for equities transactions to be settled through the respective national central securities depository in the markets of all major European member states, and is valid in the case of the UK, France, the Netherlands and Italy, for example."