Merrill Lynch is an outspoken market participant. Even after the project to introduce a market-owned trade-matching system – the global straight-through processing initiative that ended in failure despite being championed by Merrill Lynch executive Art Thomas – the bank remains a vocal proponent of change.

It is sceptical about the benefits of exchange consolidation. It says the debate over improvements to the clearing and settlement infrastructure is flawed and unfocused. Last year, Bob Wigley, chairman of Merrill Lynch in Europe, told bankers he was frustrated by the slow pace of change.