MLA Overview
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Overview: The issue of fragmentation has been, or is becoming a major concern for buy and sell side firms alike. In the US, the equity marketplace is already fragmented, with many different liquidity pools, both visible (exchanges, ECN’s and ATS’s) and dark. Europe is moving in this direction within the implementation of MiFID which removes barriers to competition among exchanges and alternative trading systems and is expected to lead to a proliferation of new trading venues.



