According to a new study on trading behaviour in the post-Mifid environment by pan-European brokerage CA Cheuvreux, the increase in the number of new trading destinations has had a profound impact on optimal trading strategies, as the particular market structure rules of trading venues and their different trading participants have directly affected the intra-day behaviour of stocks.
According to Cheuvreux, new MTFs increase the relative liquidity difference between continuous order book trading and fixing auctions because they mainly target continuous order book trading liquidity.
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