Alternative trading services make in-roads in Europe

The Markets in Financial Instruments Directive (MiFID) fired the starting gun. Now, the great trading race is in full swing. Technology-driven alternative trading venues have begun an assault on Europe, which is pressuring traditional exchanges, notably the London Stock Exchange. Sound familiar? It should; the emerging battle seem to be following the American script. Chi-X, with just 26 employees, launched 14 months ago and has fared well. Turquoise, backed by big banks, will become fully operational this month. And BATS, which has won exchange status in the U.S., will launch its European operations in November. The LSE and Deutsche Bourse have been forced to cut fees. They're also aiming for more algo traders--and working on their own dark pools, just like the Nasdaq OMX and NYSE Euronext in the U.S. The LSE's Baikal is being closely watched.  

For more:
- here's a Financial Times article

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