In the past 12 months, the expansion of world trade has fallen short of what was expected; the negative contribution of commodity prices to inflation is now much greater than initially assumed.
There is an empirical study on the reduction of transaction costs as a result of MTF expansion in the recent European markets. For details, see Brandes, Y. and I. Domowitz, 2010, “Alternative Trading Systems in Europe: Trading Performance by European Venues Post-MiFID,” Journal of Trading, 5(3), pp.17–30.