Exchange of Scene
MIFID SPECIAL REPORT
Before MiFID, the Investment Services Directive Two (ISD2) set out to harmonize the markets in Europe. It set forth a number of directives, one of which was extremely contentious—namely, the article that affected "internalization." With the advent of large global brokers, it became evident that the many different departments could trade among each other internally, which would save the transaction costs of putting orders through a stock exchange. Stock exchanges have argued against this
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