When the European Parliament approved the Investment Services Directive, including the controversial Article 27, hearts sank across the City of London.
Investment banks and brokers fear the article, which requires all systematic internalizers to execute orders at the quoted price, is a backdoor concentration rule that will force volume on to exchanges by making it uneconomical to trade off exchange as principal for a large proportion of orders.
The directive must still be adopted by the EU?s Council of Ministers, but it will become a reality.
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