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increasingly more sophisticated in how they execute – especially in markets that are requiring ever increasing fixed costs just to stay in business.
When it comes to liquidity access, what’ s front of mind from the buyside perspective? Fragmented markets lead to higher fixed costs – even as the marginal costs of accessing venues decreases – as well as higher search costs, such as latency costs, signal costs) and physical infrastructure required to link to more than one venue.
So, while the liquidity improves from market evolution, the costs required to operate in this environment keep going up.
Looking across emerging markets, what market structure changes are set to be most impactful across 2026? Increasingly companies in emerging markets have, or are considering having, dual listings – one in their home market and then one in a more developed market. This may affect where the shares of these companies are traded. If, for example, there is much better liquidity in a company’ s shares trading in a developed market, then you may see local emerging market asset managers opting to shift their trading out of the more illiquid emerging market venue into the more liquid developed market venue.
Companies considering having dual listings would typically be the larger companies listed in emerging markets and providing an alternative trading venue for the company’ s shares outside of the local emerging market, could have a profound effect on the overall trading liquidity of the emerging market.
" While liquidity improves from market evolution, the costs required to operate in this environment keep going up."
24 // TheTRADE // Q1 2026