November saw shock waves hit the European Stock Exchange companies. Earlier in the month seven banks: Citigroup, Morgan Stanley, Goldman Sachs, Merrill Lynch, UBS , Credit Suisse and Deutsche Bank announced their plans to club together to offer a rival trading platform for shares across Europe. Then last week, ICAP, the world’s number one interdealer broker, hinted that it too was looking at trading shares independently of the stock exchanges, with many believing it could provide the technology for the banks in their venture to change the world of share trading.
But this weekend, the Sunday papers revealed that the LSE is planning to hit back. Apparently it is due to announce big reductions in the cost of share trading - watch this space.
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