From cash equities to derivatives, and trading to clearing, the stage is set for a series of battles this year that will change the face of European trading for ever. Low volumes will lead to a wave of consolidation among Europe’s multilateral trading facilities, clearing houses and brokers and the crunch point will arrive when a victor emerges from the auction of Chi-X Europe, Europe’s largest MTF.

US exchange groups NYSE Euronext, Nasdaq OMX, Bats Global and Direct Edge all shared interest in the venue after it was effectively put up for sale four months ago and Bats is the frontrunner to buy it. The deal will not only mean that a significant slice of Europe's equities trading will be consolidated within one group, but it is also a sign that the tide in the market has turned: low volumes are here to stay and infrastructure providers will need to realign themselves.