Fragmentation and dark pools have received a lot of bad press. But is it justified? The TRADE’ s latest handbook, ‘Accessing fragmented liquidity: Trading effectively in lit and dark markets’, goes some way to putting the record straight. Liquidity fragmentation is a consequence of increased competition – exactly what MiFID had in mind – and when has increased competition been at the expense of clients! Traders have benefited though increased choice and lower trading costs.