March 2026

A new series of three short papers that explore the unravelling of market structure after two decades of restricted access to data and poor data quality and the connectivity challenges for retail and institutional investors to access markets.

  • Paper I examines the changing trends in liquidity and impact on the economics of the current connectivity model.
  • Paper II addresses the actions (or lack of actions) being taken by market participants to solve connectivity challenges and;
  • Paper III explores possible industry action that could be taken to address the issues and support market growth.

Read the Report

Click the links below to download the report: