JWG-IT: New Venues Prompt European Data War

Firms are being challenged by a changing market structure, caused by new Markets in Financial Instruments Directive (Mifid)-inspired trading venues and evidenced by liquidity fragmentation and spiralling data volumes. Following the launch of Chi-X last year, a second wave of pan-European multilateral trading facilities (MTFs) are now entering the market, including recently launched Turquoise, BATS Europe, Nasdaq OMX PEM (Pan European Market) and Equiduct. As a result, "firms must recognize t