According to a new industry benchmark research study published by TABB Group, ‘European Equity Trading 2008: Liquidity, MiFID and the Brokerage Relationship’, low-touch electronic trading across the European equity markets will account for nearly €2.1bn in commission revenue by 2010, up from €1.8bn in 2008. Although use of sales traders across European market centres will continue to decline at a rate of nearly 10%, the beliefs that the European sales trader is ‘passé’ is unfounded, according to the study, which adds that, while their role has changed over the past 10 years, it will not disappear. “New trading venues are beginning to emerge, promising faster executions, lower costs and a variety of different structures,” writes Kevin McPartland, senior analyst at TABB Group and the study’s author. “Crossing networks bring the hope of the block trade. Alternative-displayed markets want to attract electronic liquidity providers to a pan-European trading platform. And over 75% of UK buy-side traders, for example, are now connected to crossing networks with the rest of Europe following a similar path.”
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