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Kroes To Exchanges: Shape Up Or Face Regulation

Law360 (November 30, 2006, 12:00 AM EST) -- A “recurring and fundamental problem” with limited competition in European securities markets has prompted competition officials to warn E.U. stock exchanges to comply with a recently drafted code of conduct.

EU Competition Commissioner Neelie Kroes said that if exchanges do not step up their adherence to the voluntary code of conduct, regulators will be forced to intervene.

The code of conduct, recently signed by exchanges across Europe, was meant to encourage cross-border investment by cutting costs and simplifying procedure.

But while exchanges and clearing and settlement...
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