Toward an efficient euro-frontier
The advent of the euro is expected to consolidate trading – and competition is moving from products to systems. As far as derivatives are concerned, strong competitive pressure is not only concentrating liquidity to just a few futures contracts but is also encouraging derivatives markets to use electronic systems to establish links to stay alive. More recently equity markets have come under the same strong pressure.
Cash bond markets will probably be the next candidates to be forced toward consolidation, and this will be less controversial because there is a wide consensus on the inevitability of the move.
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