Regulators are preparing to drive a stake in European cash markets in the form of a volume cap on dark trading. Without the sanctity of the dark, achieving effective execution will require increased technology, leading to a two-tier system open to only those who can afford to play and creating yet more fragmentation.
The death knell has just been sounded for European cash markets. Under Article 4, point 14a, of the latest version of MiFIR released yesterday, European regulators have re-introduced a volume cap mechanism that will have a draconian effect on dark trading in Europe. Read more
Source tabbforum.com
