Report looking at the causes of market fragmentation in Europe.
Ref: BIS/12/1052 PDF, 340KB, 36 pages
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This report explores the effects of the Markets in Financial Instruments Directive (MiFID) in Europe to understand the possible future trends in market framgmentation. It considers to what extent and in which ways fragmentation has developed in Europe; which factors have fostered the fragmentation; and whether those factors are expected to play the same role in the future.
This review was commissioned as part of the Foresight project on the future of computer trading.