When Goldman Sachs recently announced its intention to launch a new multilateral trading facility (MTF) in Europe it was perhaps a coincidence that the news came in the same month as the European Commission published its Markets in Financial Instruments Directive (Mifid) review consultation document. The migration of dark pool liquidity on to MTF platforms is one of the main changes that the new regulations are expected to trigger, and many in the European equity market see Goldman’s plans as essentially pre-empting this.
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