Smart Routing to Define Brokerages
With this fragmentation of liquidity, the European markets may find themselves with more MTFs than firms that can smart order route flow to them. Richard Balarkas, CEO Instinet Europe estimates that there are fewer than six brokerages using smart order routers currently in production. "I'm shocked and amazed at how few of the brokers have bothered to implement any sort of smart order routing-even if there's just Chi-X," he says.
"We've heard that there are just a few firms smart order routing
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