Citigroup Inc., Goldman Sachs Group Inc. and at least a dozen more banks gain new powers today to challenge the dominance of London Stock Exchange Plc and Deutsche Boerse AG under Europe's biggest revision of securities laws.
The Markets in Financial Instruments Directive takes effect after seven years of planning and opens up competition between exchanges and alternative trading platforms across the 27-nation European Union.
``In our first year it's absolutely critical'' to attract large trading volumes, Eli Lederman, the Morgan Stanley managing director named a week ago to head Turquoise, said in interview. ``At the outset double-digit market share is eminently feasible and we expect it to grow considerably from there.''...MORE