Seven leading investment banks – Credit Suisse, Citigroup, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley and UBS – which together account for about half the trading volume on Europe’s exchanges, this November announced that they were clubbing together to develop a mutually owned pan-European multilateral trading facility (MTF). Such an institution, run at cost and developed according to their needs, they argue, would do a much better job than the profit-driven exchanges they not long ago agreed to unleash.
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