Tuesday, November 18, 2008
Banks demand European exchanges to lower trading tariffs
Goldman Sachs, Morgan Stanley, Merrill Lynch, Citigroup and investment banks in Europe supported the establishment of new trading platforms and are using their clout to pressure exchanges to lower trading fees. "Banks have been angry for some time about fees," said Benn Steil, an expert on exchanges. "They've pointed out that volumes have grown and fees haven't come down. And in an environment like this, you can expect them to ratchet up pressure. They definitely have more leverage now with the likes of Turquoise and Chi-X."
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