Of course, as we all know, the market has continued to thrive in its fragmented state and technology has, for many players, made the concept of pooled liquidity a – virtual – reality. Interestingly for us anorak-wearing market watchers, the equity landscape appears to be moving to an FX-like model, rather than the other way around.
In Europe, the Markets in Financial Instruments Directive (Mifid) is starting to have an impact. In the UK, the London Stock Exchange has consistently played down or even dismissed the threat of competition that this will bring, despite being forced to cut its tariffs and (supposedly) upgrade its technology.
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