MiFID Drag
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Liquidity fragmentation has long been the dire prediction of what the Markets in Financial Instruments Directive (MiFID) would induce in the European markets. Although the success of multilateral trading facility (MTF) Chi-X has proven that liquidity can skip away from domestic exchanges, there is another fragmentation-more crucial, but perhaps less glitzy-that has been overlooked: the fragmentation of clearing and settlement. Europe may be awash with excitement about capital markets changes
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