'Duct Tape Gets Sticky

IMD: When you took charge of Chi-X, many market participants still believed liquidity could not be shifted and that significant market fragmentation was impossible. Do you feel that you have an easier role leading Equiduct, now that fragmentation is a reality?

Randall: The perception that liquidity was monolithic and immobile was in some ways an advantage in that it gave us some solid foundations in those early days to base our early statistics around. What I never doubted was the willingness of