18.III.3 Factor 3: technological innovation

Besides market philosophies and market structure, technological innovation has been a main element that influenced the EU perspective. As demonstrated in the previous chapters, the EU adapted its view concerning the optimal degree of equity pre- and post-trade transparency regulation depending on technological innovation. From the ISD to MiFID II four main consequences of technological innovation have been: (1) the shift from phone/telephone to predominantly electronic markets; (2) new venues; (3) new trading possibilities; and (4) the increase in technological infrastructures (performing calculations and operating databases) in making the EU transparency rules work.