Divining the Future for Exchanges

DWT: Can exchanges survive strictly as trade-matching venues?

Ian-Patrick Lauder, PLUS stock exchange: We should make a distinction between exchanges and facilities/multilateral trading facilities (MTFs), as we are looking at different business models, with diverse revenue streams. The current MTF environment is highly competitive across Europe. The familiar model, which the market adopted when MTFs began to appear in 2007 as a result of the Markets in Financial Instruments Directive (Mifid), is

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