SEF Nuances Provide Challenges for Liquidity Aggregation
Regulations on pre-trade price transparency in both Europe and the US will require the sell side to build out aggregation capabilities, whereas previously, they may have been able to display their own prices on single-dealer platforms and the like. While examining liquidity in and of itself is not particularly complex, though, the varied forms of SEFs have naturally brought with them types of liquidity that may not be immediately familiar to other markets such as cash equities and spot foreign
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