What's Old Is New Again

When the U.S. Securities and Exchange Commission (SEC) introduced changes to the order handling rule and Regulation ATS in the late 1990s, it dropped the staid U.S. market structure into the Wild West. It seemed that everyone was trying to come up with the next killer ECN in their garage and traders began to learn the ins and outs of liquidity fragmentation.

Fast-forward about a decade and market fragmentation has hit the European markets with the same intensity. Just as broker-dealers tried to

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