The Markets in Financial Instruments Directive is nearing its final stage after which it will provide open access into trading and listed derivatives, introducing competition to this market segment and encouraging its development by stoking activity on due formation such as the London Stock Exchange Derivatives Market and NASDAQ OMX LMX. Apparently this market is dominated by very few big players. The proposed reform envisages allowing trading venues to launch their own version of a popular contract for listed derivatives and use the market where the instruments are listed to clear the trade via its clearing house. The Commission believes this will reduce costs and encourage competition.