This month marks the six-month anniversary of interoperability between multiple clearing houses. This is an arrangement between trading venues and clearing houses, or CCPs, where for the first time trading firms rather than the trading venue can choose which CCP clears their cash equities transactions. It has worked and its success provides evidence that competition is an effective tool for change.

In January 2012, Bats Chi-X Europe became the first trading venue to offer multi-CCP clearing, preceded by a partial interoperability version launched in July 2011 which did not require the incumbent CCP to participate.