Plans to challenge the hegemony of established stock exchanges and their pricing levels may leave the more expensive providers of discretionary broking and advisory services exposed.
The news a number of investment banks are far advanced in co-operating to build a new system to challenge the emerging cross-Atlantic stock exchanges involving Nasdaq, NYSE, the London Stock Exchange, Euronext and Deutsche Bourse is merely the latest comfirmation of the brave new world being unleashed by European regulatory changes. The new platform is able to come about because of rules contained in MiFID and other regulations, as well as the pressure being applied by major financial institutions to be able to internalise trading between their own clients – a method by which different cl...
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