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Saved by the bells?

Published in Automated Trader Magazine Issue 11 Q4 2008

It’s not every MTF in Europe that has its own bell to sound the start of trading, but much of the comment on MiFID’s first year does have a celebratory ring to it. William Essex goes in search of harmony in a fragmented market.

So the presidents, prime ministers and other national leaders of the European Union got together in early October, in Paris, for a summit on the banking crisis. They agreed that they should act together rather than separately to prop up the EU's banks. Then they all went home and did their own thing. Even Germany intervened to save Hypo Real Estate, after a bank-led rescue attempt collapsed. When Fortis went down, the Dutch governments dived straight in and nationalised the bank's Dutch opera

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