As dark pools, systematic internalisers, and periodic auctions capture large market shares in European equities trading, the market fragmentation (critics call it “hyperfragmentation”) is widely debated.
On May 4, 2022, I co-organized a symposium on this topic with the Swedish Securities Markets Association. The event featured presentations of recent academic papers about the effects of dark volume caps on institutional trading costs, of HFT-owned systematic internalisers on exchange liquidity, of market fragmentation on SME liquidity, and of continuous trading on market quality. Each paper was commented on by industry participants.
The full agenda, recordings and presentations are available here.