With RegNMS in the US and MiFID in the EU, regulators respond to recent years’ changes in trading concepts and infrastructures. Both try to catch up with technological advances and intend to create a level playing field between the different types of trading venues and a harmonisation in...

Technological changes in securities trading systems over the past decades not only changed the traditional business model in Europe and the U.S., but also put questions to the existing regulatory framework at both sides of the Atlantic. Heterogeneous customer demands for different vectors of...