Fascinating meeting today on liquidity and where it’s
all going, as I chaired a panel session with Chi-x, Equiduct, Turquoise, NYSE
Euronext and Deutsche Bourse. I was amused to find that
the LSE was not there, after my comments of the other week and, instead of LSE, Baikal jumped on stage.
after being pushed back a quarter due to Lehman Brothers, the partner on the
Anyways, we started with some quiet questions about
how things are looking a year after MiFID and what people are seeing.
The first part was a vote from the audience, with the buy-side saying
that things are far more fragmented and confusing than they ever were, and none
of them trading the bulk of their business through the new exchanges.
liquidity hasn’t moved, has it?