The European Commission is preparing to unveil next month a draft law that would extend and bolster the Markets in Financial Instruments Directive. Under the law, vertically integrated exchanges would face increased competition. The proposal aims to give banks and investors more choices when it comes to clearing and settling transactions. "Member states shall require that investment firms from other member states have the right of access to central counterparty, clearing and settlement systems in their territory," according to the draft law.

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