Changes in Securities Trading Landscape in Europe and the U.S.

This article describes the fundamental changes in the securities trading landscape in Europe and the U.S. Three trends during the last decade change the business model of securities trading profoundly, being demutualisation, consolidation and technological evolution. The emergence of Alternative Trading Systems put considerable pressure on traditional stock exchanges and raises questions about the appropriate level of regulation and the level-playing field among all actors in the securities trading business.