Perpetual Evolution

Citi's whitepaper on the development of Europe's Trading, Clearing and Settlement Landscape

Europe's financial industry has been in a state of almost perpetual evolution during the past five years. Across the entire trading lifecycle, regulatory change and cost pressures are causing seismic shifts in the industry opening up a wealth of opportunities for those organisations that can react with agility and speed to tap the potential.

Citi Global Transaction Services is pleased to share with you a whitepaper on the Development of Europe's Trading, Clearing and Settlement Landscape that aims to distill the views of a wide range of industry participants - from market infrastructures, broker-dealers to custodians - to provide a unique, collaborative industry perspective on the changes Europe has seen and is likely to see in the trading, clearing and settlement environment.

Please click here to download your copy of the Perpetual Evolution whitepaper

The paper reviews the evolution of Europe during three distinct periods:

2005 - 2008:	The foundation for change in Europe was laid with the introduction of MiFID, the Code of Conduct and the Giovannini Reports. How have these regulations impacted the industry and drove the changes we are seeing today?
2009 - 2010:	What is the current debate? How has MiFID and the financial crisis have impacted the business models and drivers of industry participants and what are the unique challenges and opportunities they are facing?
2011 and Beyond:	What are the likely outcomes of initiatives such as CCP interoperability and Target2 Securities. How will the industry respond and what changes does this mean for traditional definitions of custody, infrastructure, client and competitor?