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| Paris, France Alternative
Trading Systems in
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| Executive Summary | 3 | |
| European Equity Exchange Landscape | 4 | |
| Alternative Trading Systems in Europe | 7 | |
| Background and Introduction | 7 | |
| Definitions | 7 | |
| Alternative Trading Systems by Country | 14 | |
| United Kingdom | 14 | |
| Germany | 16 | |
| France | 21 | |
| Italy | 21 | |
| Spain | 22 | |
| The Netherlands | 22 | |
| Other Countries | 23 | |
| Comparisons with US Market | 25 | |
| Selected Pan-European ATSs | 28 | |
| Future Impact of ATSs in Europe | 34 | |
| Success Factors | 34 | |
| ATS Value Proposition Post-MiFID | 34 | |
| Looking Ahead | 38 | |
| Emerging ATSs | 39 | |
| Conclusions | 41 | |
