The Committee of European Securities Regulators (CESR) has released a report that represents the culmination of its work since November 2008 to assess the impact of MiFID on secondary markets. According to the report, which was released this week, factors such as the introduction of multilateral trading facilities (MTFs) and the resulting downward pressure on direct execution costs, as well as the fragmentation of liquidity, have impacted the markets the most.




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