This is a big failing, because clearing and settlement account for 80% of the cost of European cross-border share trading.

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And their investment-banking shareholders have a big incentive to press for mergers of clearing organisations.

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And the big hitter would have very little trouble clearing the ropes at a ground described on Penwortham's website as "small and compact".

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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.

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In derivatives, for instance, the common wisdom is that big dealers will be hurt as trades migrate to central clearing and exchanges.

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They have also coaxed leading international banks into setting up a global clearing house to reduce the risk of loss should big foreign-exchange trades not be completed as the parties agreed.

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In an episode in the history of thought that can still make the heart beat faster, he noticed that, night after night, they were waltzing back and forth near the big planet: first left, then right, never quite clearing its path, as though the planet were sticky and they wanted to stay near it.

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In New York we get a mayor who makes war on Big Gulp sodas while proving himself inept at basic government functions such as clearing snow.

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When those of a certain age think of the Publishers Clearing House, they tend to remember TV ads featuring Ed McMahon knocking on a door while holding a big check.

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