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Thank you FIX Trading Community for a great #FIXEMEA2023, in which Euronext teams and speakers were able to engage with the industry on a wide variety of regulatory, market structure and technical discussions with the aim of improving cash equities and fixed income trading for market participants in Europe and UK, amidst the ongoing #MIFIR Review discussions.   On the panel ‘The Price of Liquidity in Equities’, Paul Besson pointed out that: - In addition to the explicit trading fee, Markouts must be taken into account. In the end, what matters for an investor is the comparison between its net trade price versus the EBBO after the trade has happened; therefore, only looking at explicit fees is often misleading, as the rebate-paying venues also display the worst Markouts. - Trading at the Close enables investors to reduce their average continuous market impact by half, saving more than 3bps on average. - Price formation is not a theoretical concept, it has tangible consequences for investors, and market depth matters in price formation. The higher the number of participants at the Close, the lower the pbs for the Jump on Close (continuous to close price gap).

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