They already existed previously in another form

Peter Randall is the new boss of Equiduct Systems, an alternative trading platform operated by German Börse Berlin and controlled by the American alternative Fund Citadel. Between 2007 and late 2009, he led Chi - X Europe, became the fourth stock market operator of the old Continent in two years. It is expressed on the redemption of Turquoise by the London Stock Exchange and exposes the "Echos" his views on the issues facing market infrastructures today.

How do you interpret the redemption of the alternative platform Turquoise by the London Stock Exchange

I think that the LSE is in a very difficult position. The market operator has failed to take into account the needs of its customers. By buying Turquoise and involving large investment banks in their project, the LSE now tries to regain their confidence. But this is not a fundamental problem exonerates them: to grow back their activities. Alternative trading platforms have removed a significant share of the market share in historical scholarship. Operators must now ask the question of their positioning between the services rendered to the big players ("wholesale") and that individual investors ("retail").

Is the directive on markets in financial instruments (MIF) a success

In my view, investors and customers the opportunity to choose, in a society free from several operators, is a noble and valuable cause. The application of the MIF to massively lower the costs of transaction and, in this sense, it succeeded. The question that arise today European regulators, the revision of the directive, must instead focus on the supervision of the markets and the rules which must apply to all operators, historical scholarship and alternative platforms.

What do you think of the infrastructure for clearing and settlement in Europe

They are still national and exploded between the different countries of the Union and their costs are still much too high.

Do you think that the emergence of a near monopoly compensator, as the US, DTCC would be a solution

No, the I did not. It would be much more useful to open the market, as was the case for market operators. The competition is a better way to create innovation and improve clearing and settlement services. The computer systems used in the United States by the DTCC are monolithic and were, therefore, difficult to adapt to the chan-changes in market conditions.

On the other hand, should there be, as in the United States, a system of consolidated registration ("consolidated tape") of all orders executed on the old Continent

Absolutely, Yes.

What is the development of opaque markets, such as the "dark pools", poses problem

Is the "dark pools" are a bad thing Probably not. They already existed previously in another form. When, for example, a trader of a bank called another to tell him that he has a block of several thousands of titles to give, it negotiates this out of the markets. It is the same principle. What is in there too No, I do not think. I know that the FESE Federation of European Securities Exchanges, Editor's note advanced the figure of 40 of volumes processed on the "dark pools" and systematic internalisers, but I do not think it is fair.