Europe’s stock exchanges and alternative trading venues are often at each other’s throats and, at the World Exchange Congress this month, they stayed true to form. The divisive issue on that occasion was cross-market, cross-border surveillance, and who should take responsibility for it.

Fighting the exchanges' corner was Hans-Ole Jochumsen, head of Nordic transaction services at Nasdaq OMX. He called for the exchange that lists a stock to take responsibility for its surveillance, irrespective of where the security is traded.