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CFA Institute Statement: Study Reveals Market Fragmentation Has Had No Material Impact on Price Formation; Investors Voice Concern Over Transparency, Trade Reporting Obligations and Dark Pools

( December 7, 2009, 11:19 GMT | Official Statement) -- MLex Summary: Off-exchange trading under Europe's Mifid law hasn't hurt the price-setting function of markets, although the impact on trading costs is unclear and prices for data may have risen, a majority of survey respondents said in a study sponsored by the industry association for financial analysts and other investment professionals. The report called for the creation of a consolidated data system to improve transparency of markets.London, 7 December, 2009 ‐ A study released today by the CFA Institute Centre for Financial Market Integrity, the policy arm of CFA Institute, has found no empirical evidence to suggest market fragmentation has had any material impact on the quality of the price formation process for equities traded under the Markets in Financial Instruments Directive (MiFID) regime. The study was undertaken to establish whether the proliferation of new trading platforms under MiFID has affected transparency, costs and price formation to the detriment of investors. The study will be used to support the CFA Institute Centre’s call for a consolidated system (or ‘tape’) for quote and trade data for European Equity Markets....

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