dark markets

The arguments behind abolishing decentralized markets as envisaged by the European Securities and Markets Authority, or ESMA, in the new Markets in Financial Instruments Directive, MIFID II, rules may not be valid. Contrary to intuition, decentralized trading of financial instruments may not stand in the way of effective aggregation of information and price formation. That is the conclusion of research by professors Elena Asparouhova of [...]