Story perspectives

Global Regulators Tackle Fragmentation in Market Rules

9/12/2025

31 7

Summary

Story summary

Global regulators are revising market rules to improve efficiency, but face conflicting objectives.
Markets uniquely protect quote setters and competition, with no universal market structure solution.
Canada prioritizes lit quotes through an order protection rule (OPR), while the U.S. has a similar OPR but struggles with fragmentation.
Europe is shifting towards cheaper data, though delays limit trading value.
Fragmentation in the U.S. and Europe raises costs for brokers and investors, affecting liquidity and price execution.

1 of 1

Story summary

Global regulators are revising market rules to improve efficiency, but face conflicting objectives.
Markets uniquely protect quote setters and competition, with no universal market structure solution.
Canada prioritizes lit quotes through an order protection rule (OPR), while the U.S. has a similar OPR but struggles with fragmentation.
Europe is shifting towards cheaper data, though delays limit trading value.
Fragmentation in the U.S. and Europe raises costs for brokers and investors, affecting liquidity and price execution.