Stagnation and regulation

It's two years since the Markets in Financial Instruments Directive (Mifid) opened the incumbents, like the London Stock Exchange, to competition. But of late the relative market shares of the new entrants and the LSE have changed little. Mark Hemsley, chief executive of BATS Europe, one such new player, discusses this market stagnation, the problem of very low trading volumes and the forthcoming revision of Mifid.