'Smart' Bombs to Ignite Liquidity Explosion

Just as 2007 was the year of MiFID, we believe that 2008 will be the year for smart people to use smart order routing, and that ultimately competition-not consolidation-among trading venues will drive down the cost of trading in Europe. We fully supported the efforts of European regulators to allow new European execution venues, and are proud to have launched the first live European Multilateral Trading Facility, which has shown modestly encouraging early volumes in UK, German, Dutch, French