Opening Cross: Hail CESR, Conqueror of European Data

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Last week, the Committee of European Securities Regulators formally recommended that the next version of the Markets in Financial Instruments Directive should provide a pan-European consolidated tape of data from exchanges and multilateral trading facilities to increase market transparency, just as exchanges - which arguably could lose out under such a plan - reported mixed financial results for the second quarter of 2010.

In North America, TMX Group showed a modest 4 percent increase in Q2 reve

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