SEVEN of the City's biggest banks will today announce the formation of a pan-European electronic shares trading platform that would compete directly with the London Stock Exchange and other continental markets, reports the Times.
The paper says the new exchange could be up and running in early 2008, just months after the implementation of the EU’s Markets in Financial Instruments Directive (Mifid) in November next year. The directive allows the creation of cross-border “multilateral trading facilities” among member states that adopt it. If the scheme goes ahead it will provide banks, fund managers and other institutions with a trading platform quite independent of the various national exchanges. On it, they could buy and sell electronically a wide range of leading European equities, including the components of th...
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