Alternative trading systems have piled into Europe’s equity markets in recent months to take advantage of legislation aimed at breaking long-standing monopolies. The market entrants are trumpeting their slick technology and low fees, while lambasting incumbent exchanges for ripping off investors.

These aggressive tactics seem to have paid off as a large share of trading shifted to these multi-lateral trading facilities. Four MTFs - Chi-X Europe, Turquoise, Bats Europe and Nasdaq OMX Europe - control about 16% of Europe's equity markets, according to financial software group Fidessa.