Local exchanges have traditionally dominated European markets for single stock futures and options, but the equity-derivatives market appears poised for change. "For the market to grow, it cannot stay within national boundaries. These places have almost a monopoly on their national markets," said Phillipe Carre, global head of connectivity at SunGard. "So the future has to be around competition so that you can trade one against the other, get competitive pricing from different venues, and then you can get market makers and traders coming in and exploring the multilisting opportunities."

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