Central Banking

McCreevy says cross border clearing cost must fall

Charlie McCreevy, the European Union internal market commissioner, said on Tuesday 13 September action will be taken against Europe's financial services industry if it fails to slash the costs of cross- border trading in securities within six months.

"Cross-border trading remains expensive, sometimes prohibitively so. Cross-border clearing and settlement costs can be up to six times more than those of domestic settlements ... we are talking about big money," he will say.

"The Commission is tak