City Banks Moot Rival System for Trade Reporting

An article in The Times reports that profits at the London Stock Exchange are being threatened by a plan by the City’s biggest banks to build a rival trade reporting system. Ten City banks are thought to be holding preliminary talks about setting up their own trade reporting system in the wake of the introduction of MiFID. The article reports UBS and Merrill Lynch are included in this list of ten and Finextra speculates that Deutsche and Citigroup are included in this number.