ECMI Research Report #, July 2003: This paper by Charles Goldfinger, Managing Director of Global Electronic Finance Management, presents the findings and preliminary conclusions of a study carried by GEF between March and May 2003 on the debate about the trading venue diversity which was triggered by the proposed update to the Investment Services Directive. The study covered the following topics: 

• The current status of ISD debate and its dynamics.
• The internalisation debate and the underlying issues of the evolution of the economic structure and the competitive position of the European stock exchanges.
• The role of information technology in financial markets transformations.
• A review of the ISD II architecture of its major innovation: the MTF concept.
• Preliminary recommendations: avoiding middle-of-the-road trap and eluding "rear-window mirror" syndrome .

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