An example is virt-x, a small electronic exchange for European blue-chip shares which offers clearing and settlement alternatives: nearly all the liquidity has migrated to just one of them.

ECONOMIST: Post-trade concerns could hamper a pan-European solution

But thanks to Mr Seifert's quick switch to electronic trading and a push to create new markets for smaller firms, Frankfurt now boasts the world's biggest derivatives exchange, Europe's busiest market for hi-tech firms, and a pivotal role in shaping the trading and clearing of Europe's blue-chip shares.

ECONOMIST: Frankfurt��s impatient maestro