The TRADE 59 - Q1 2019 | Page 58

[ M A R K E T R E V I E W | E X C H A N G E S ] Turf war The Norwegian capital may not seem a likely battle- ground for large exchange groups to wage war, how- ever Euronext and Nasdaq have spent the last few months engaged in tit-for-tat bids over Oslo Børs. Euronext intends to make Oslo Børs the centre of its “strategies project” for the Nordics region as a “development hub and launchpad”, while Nasdaq seeks to strengthen its already significant base for European activities. The upper hand currently resides with Oslo Børs and its stakeholders as to which faction will be even- tually welcomed into the stronghold. The European landscape While there has been plenty of drama in the US exchange space already this year, that doesn’t mean that the European exchange players are kicking their heels. The TRADE examines where the key flash- points are moving forward for European exchange groups and other trading venues. Clear chaos The ongoing Brexit chaos is now approaching critical mass for London-based financial firms. So far, the key battle has concerned the clearing space, with operators having to sweat it out until mid-February over the fates of their business in the event of a ‘no-deal’ Brexit. ESMA eventually announced that London-based LCH, ICE Clear Europe and LME Clear had been granted approval to continue clearing in such an event, while Euroclear UK and Ireland followed shortly behind in receiving its clearance. For a more detailed examination of how Brexit is threatening London-based derivatives clearing, turn to page [42]. 58 // TheTrade // Spring 2019