%0 Journal Article %A Chris Smith %T The Rise of Alternative Trading Venues %D 2008 %R 10.3905/jot.2008.705635 %J The Journal of Trading %P 56-58 %V 3 %N 2 %X The size of trades executed on public exchanges in the US has been driven down through the increased use of electronic trading, a trend which is moving swiftly towards Europe. Technological innovation and regulatory change have increased competition in Europe and encouraged the fragmentation of liquidity through the growth of alternative trading venues and off-exchange order books that operate in direct competition with the existing incumbent exchanges. To what extent liquidity will be drawn away from traditional exchanges is yet to be seen but it is certain that liquidity fragmentation across Europe will be inevitable.TOPICS: Exchanges/markets/clearinghouses, developed %U https://jot.pm-research.com/content/iijtrade/3/2/56.full.pdf