The consolidation of Europe’s post-trade services industry has only just begun, according to the head of the continent's biggest settlement house, who is standing down after 10 years at the helm.

"There is still a great deal of room to generate more critical mass and reduce costs, both through mergers and through different forms of co-operation," said Pierre Francotte, chief executive of Euroclear. "The size of Euroclear now may be dwarfed by its size in the future."