Europe's main exchanges face significant competition

Europe's Markets in Financial Instruments Directive has led to a loss of market share for the region's main stock exchanges, including the London Stock Exchange, NYSE Euronext and Deutsche Borse. The exchanges' biggest rivals are multilateral trading facilities, such as BATS Europe and Chi-X Europe, as well as dark pools. Executives at the exchanges tout their "breadth of offering" and "independence and neutrality."

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