MIF2: Fixing - High volume anomaly and manipulable dry market This is actually a concern. 41% of daily volumes take place toward the last 5 minutes of the trading day. This dries up liquidity and create weird patterns during the day. Price discovery is less efficient in many cases in my opinion. Algos follow last minute execution. Costs are supposedly reduced thanks to some tweaks but this probably leads to some imbalance in the markets.
This game should cease when the situation si reversed.
Document by the AMF (French "SEC") about this matter in French:
www.amf-france.org
