Weathering the Storm

Exchanges

It has been six years since Alexandre Lamfalussy's Committee of Wise Men unveiled directive 2004/39/EC-better known as the Markets in Financial Instruments Directive, or MiFID-and just over two since the first of the alternative trading platforms enabled by MiFID's 2007 implementation set up shop. Since then, the European securities markets have undergone significant, well-documented changes, with volumes moving away from the national exchanges toward the numerous new multilateral trading

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