He says the Federal Reserve Board, acting as arbiter of the bank settlement system, should outlaw no-surcharge rules.

FORBES: Credit Where It's Due

In an emergency move on April 25th, the Bank of Japan extended the interbank settlement system by an hour, for Mizuho's benefit.

ECONOMIST: A fine merger yields one fine mess

The European Central Bank, which ought to see the big picture, is in favour of a clearing and settlement system, or network of systems, within the euro area, but is wary of letting a new monopoly develop.

ECONOMIST: Stock-exchange mergers: Three-dimensional chess | The