As William Shakespeare never quite put it: “What’s in a name? That which we call a trading venue by any other name would smell just as sweet.”
Yet for software firms that operate aggregators and for execution management systems (EMSs) that organise trading orders and assist with execution, there is a great deal in the name that EU and UK regulators might use to designate their activities.
The European Securities and Markets Authority and the UK’s Financial Conduct Authority this year closed a
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