In the retail world, transactions are usually streamlined. The financial world has taken a step closer to this efficient process with the merger of several stock exchanges, whose combined post-trade offerings mean investors may no longer need third parties to ensure a sale or purchase of securities.

Henry Raschen, head of regulatory and industry affairs Europe at HSBC Securities Services, said: "Provided the IT is right and the regulators are satisfied, there should be lower operating and collateral costs all round. "There are wider implications [of the mergers] as the exchanges are often part of groups now where there are opportunities for synergies between exchange and clearing houses both in cash equities and in over the counter derivatives." He said that there were also opportunities for better connectivity between providers and increased netting between clearing houses, which may reduce settlement volumes in due course. Rob Hegarty, global head of market structure, enterprise at information provider Thomson Reuters, said: "The mergers will allow asset managers to trade global securities more easily, more efficiently and take advantage of clearing and settlement synergies." Instead of using multiple suppliers for different stages of the purchase, transaction and delivery process, the tie-ups will mean that one company can take charge of the whole chain. Hegarty said that, for example, NYSE Euronext, which had used LCH.Clearnet to clear its trades, would now be able to use the in-house platform offered by Deutsche Börse. There had been plans for it to build out separate facilities to offer a distinct service before the merger was agreed. Tony Freeman, executive director at Omgeo, a post-trade technology company, said: "By combining the clients of these two entities, there is going to be a much larger pool of collateral, which should mean lower fees to participants."