Waiting for the light: What’s stalling European equity markets?
Esma says EU market has a structural problem, but the focus on lit vs dark trading overlooks post-trade issues
European cash equity markets appear to have stalled. Average daily volume is in the order of seven times smaller than in the US. But not everyone agrees why. Or how to fix it.
The European Securities and Markets Authority (Esma) blames the rise of dark trading – where price and volume details aren’t divulged – for the meagre volumes.
Exchanges agree, in part, but they receive many other
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