The new trading platforms that compete against established exchanges to match orders are having a clear and profound impact on the European trading landscape. Chi-X, the first of a growing number of pan-European MTF to have launched since the EU’s Markets in Financial Instruments Directive (Mifid) came into effect, now regularly handles more than 15% of the total volume of FTSE 100 shares traded, while Turquoise, a rival MTF initiated by a group of investment banks that launched in August, has already captured almost 5% of that market.
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