Though the proliferation of trading platforms is bringing U.S.-style fragmentation and increasing complexity to the European markets, consolidation over the next two years could make the situation much simpler, according to executives at several venues.
European players have been studying the history of the U.S. markets and the rise of electronic communications networks and alternative trading systems. But contrary to George Santayana's dictum that those who cannot remember the past are condemned to repeat it, senior officials who spoke at the TradeTech conference in Paris last month appear resigned to the fact that market forces and a multitude of bank-sponsored venues will lead to further fragmentation, despite the wishes of incumbent exchanges.
|
