Fragmentation Leads to Spending Uptick

Spending ratios won't change drastically, says Mizen, adding that there is likely to be more focus on internally built algorithms. Brokers will favor better liquidity-seeking tools and the linking of dark pools of liquidity, she says. Spending will continue on optimizing execution and fine-tuning execution management systems (EMSes) to give superior performance. This is not limited to the tier-one brokers, although they account for the majority of spending. "As equity trading becomes