Europe's bourse share trading claims inaccurate, says industry body
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Summary:
By Huw Jones
LONDON (Reuters) – The bulk of share trading in the European Union takes place on exchanges with relatively little inside banks, an industry body said on Tuesday in a bid to stop what it called bourses seeking to “perpetuate their dominance”.
The EU is reviewing its stock and bond trading rules, known as MiFID II, triggering a battle between exchanges and their top customers, the banks and large asset managers, over competition.
The EU’s securities watchdog ESMA has estimated that nearly half of trading is off an exchange, prompting bourses to call for this part of the market to face tougher curbs so that more trading goes onto ‘lit’ venues like the main exchanges.
But the Association for Financial Markets in Europe (AFME), which represents wholesale market participants ...
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