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...

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...