"La concorrenza tra trading venues a seguito dell’introduzione della MiFID"

With the introduction of MIFID the competitive landscape of the European securities industry changed dramatically. This work analysis the major impact on the strategic setting of regulated markets vs other competitors. A major conclusion is that trading services nowadays represent a commodity and other value added services can better enhance exchanges profitability and market power. A second part of the article insists on the consequences on both market macrostructure and on market quality of this new competitive settings. A major conclusion drawn is that market forces are not enough to assure that in fragmented markets price and in general market quality are guaranteed.