But as head of the European Securities Forum, he's gotten downright confrontational when pushing for consolidation of Europe's clearing and settlement agencies.

ESF, a trade group representing the largest broker-dealers, wants to establish a single European central counterparty for the clearing and netting of equity trades. The group believes that this would prompt consolidation among settlement agencies. Frustrated by the lack of progress toward a single wholesale market for trading European equities, ESF recently published its own blueprint for the creation of a central counterparty. Kent is now awaiting responses to ESF's proposal from the established clearers: Clearnet, Eurex Clearing and the London Clearing House.

If the clearers don't come back with a satisfactory road map to a unified European process, ESF will build its own market-operated house from scratch. Kent says, "The green-field option is one we could take."

Despite a host of obstacles, Kent believes that consolidation of the clearing and settlement process is inevitable. Says he, "This is a clash between the long-term interests of all market participants and the short-term interests of a few who do well out of current inefficiencies."