The Case for Consolidated Market Feeds
In Europe, the many new venues created as a result of the European Commission's Markets in Financial Instruments Directive need to consolidate data from their rivals in order to provide the equivalent of a pan-European best bid and offer to enable traders to achieve best execution.
Nasdaq, for example, needs to create its own equivalent of a pan-European BBO feed in order to provide its planned onward-routing capabilities, which will route orders submitted to the Nasdaq OMX Pan European Market to
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