MiFID Changes Spur EU Consolidated Tape

The swathe of new trading venues created in response to MiFID competing for fragmented liquidity, including Turquoise, BATS Europe, Nasdaq OMX Europe and Equiduct in addition to Chi-X, has led to increased volumes of market data and added burdens on financial firms to find and access liquidity in stocks traded across multiple venues (IMD, April 21).

According to think-tank JWG-IT, the changes have prompted a "data war," where speed of data and execution, and smart order routers will prove to be k

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