Good Intentions, Bad Results in Europe?
By Chris Kentouris
Published December 2 2011 Securities Technology Monitor
The second iteration of the European Markets in Financial Instruments Directive is supposed to fix what was wrong with the first version, adopted in 2007. The first edition was intended to increase competition among trading venues and visibility into prices. It accomplished the first goal by generating a whole lot of alternative trading platform to rival incumbent exchanges. But it didn’t exactly accomplish the second and there are lots of new players following disparate policies.
full article 
(free)
