.X Marks the Spot

IMD: What do you see as the main data challenges around MiFID?

Wilson: The biggest challenge is potentially around data fragmentation. If you look at what happened in 1997, Nasdaq changed its order-handling rules, which led to the whole ECN phenomenon. In just over a year, liquidity in OTC Nasdaq stocks moved from being very concentrated to being very fragmented, with something like 13 ECNs at the peak. The same could happen in Europe, where liquidity is currently very concentrated and now ha

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