Industry Mulls Benefits, Challenges of Fragmentation

Most panelists acknowledged the benefits of increased competition brought about by the Markets in Financial Instruments Directive. "Alternative trading systems [in the US] were critical from the investor point of view... you need competition," said Nasdaq OMX vice president Sandy Frucher, adding that investors benefit when markets compete on the basis of faster technology and lower fees.

But while increased competition has spurred innovation and driven down fees, it has also generated numerous da