IMD: How do you see the European market evolving? Could it ultimately resemble fragmentation in the US?
Pickles: There are differences in most cases, but that multi-centre market is forming. Partly, you have marketplaces like Turquoise and Chi-X competing against exchanges. And then you have exchanges that don't compete against each other. So you really end up with a combination, requiring domestic infrastructures where people want to get to their local exchange-which are typically running on
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