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| Paris, France European Exchanges
Landscape
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| Executive Summary | 3 | |
| Introduction | 4 | |
| Market Overview | 5 | |
| A Fragmented Market Despite Consolidations | 5 | |
| Revenue Structure | 6 | |
| Exchange Trading Services | 9 | |
| Equities Trading | 9 | |
| Transaction Tariffs | 13 | |
| Derivatives Trading | 16 | |
| Fixed Income Trading | 19 | |
| Other Exchange Services | 20 | |
| Listing Services | 20 | |
| Information Technology Services | 21 | |
| Clearing, Settlement and Custody | 22 | |
| Trends in Market Data | 23 | |
| Impact of Alternative Trading Systems | 26 | |
| Leading ATSs in Europe | 28 | |
| Emerging ATSs in Europe | 33 | |
| Future Impact of ATSs | 35 | |
| Impact of MiFID | 38 | |
| MiFID Requirements | 39 | |
| Dark Liquidity and ATSs | 41 | |
| Internalisation Practices | 44 | |
| Buy Side and Trading Options | 46 | |
| Conclusion | 48 | |
