Post-trade activities follow the execution of a securities transaction, culminating with final exchange of securities and funds between the both parties of the trade. Such activities, clearing and settlement in particular, play a vital role in the smooth functioning of securities markets. The fragmented landscape of clearing and settlement infrastructures, as a major barrier to creating an integrated pan-European financial market, has attracted much attention of the EU Commission and other relevant authorities. The private sector has taken measures to change the fragmented landscape through...