Exchanges Jostle for Position with New Venues

Miguel Athayde Marques, head of global market data and the Portuguese market of Euronext, summed up the trend in his keynote address at this year's European Financial Information Summit. According to Marques, the industry is being pulled "in two different directions," with inter-market consolidation creating global exchanges that offer trading and data products across a range of asset classes, and intra-market fragmentation being driven by new niche venues that offer specialized value propos