I have been looking at some of the technology issues facing Europe’s equity markets. To cut a long story short, the region’s equity markets are fragmenting, leading to a situation where it resembles FX in many ways. This would, for the moment at least, put paid to the argument that FX liquidity will eventually pool on to just one or two platforms.
I’ve long held the view that any development that made any market more efficient will migrate across to other assets.
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