In a memorandum filed with the Department of the Treasury in connection with that agency’s Review of the Regulatory Structure Associated with Financial Institutions, the U.S. Department of Justice (DOJ) has proposed that the Treasury “undertake a careful and objective review of exchange-controlled clearing of financial futures, the regulatory structure that underlies it, and its alternatives.” Citing the unsuccessful efforts of BrokerTec, Eurex and LIFFE to compete with established U.S. financial futures markets, DOJ concluded that exchange-controlled clearing organizations may unnecessarily inhibit competition among futures exchanges in the development and trading of financial futures contracts, “to the detriment of the economy and consumers.”