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

ECONOMIST: The jilted exchange

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

ECONOMIST: Settling scores | The

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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