As Europe awaits Esma's latest move in the implementation of
its Markets in Financial Instruments Directive II (Mifid II)
some fairly strong theories are doing the rounds.
As this month's cover story on page 32 shows,
the directive in its current form could dry up liquidity,
concentrate trading venues and even kill off European financial
centres, depending on who you believe.
Among those theories is that the stringent new rules on dark
and automated trading, and the re-regulation of...