The fragmentation of venues driven by the opening of venue competition due to MiFID has accelerated the adoption of trading technology from order management systems to algos and smart order routing systems. These technologies have changed the way trading is conducted in the European cash equity market. Not only has it driven a decrease of transaction sizes but it has also made market data, both pre- and post-trade, more crucial to market participants, because this information is necessary for this computer-based trading to operate. The concern about information leakage is driving an increase of order execution in the dark side of the market, be it through dark pools, crossing networks, or OTC. Brokers/dealers have developed matching engines to electronify their OTC activities which were mostly conducted over the phone in the past. This is a clear improvement for the industry as a whole since it will decrease the likelihood of mismanaged orders and improve post-trade processing and reporting. However, broker/dealer crossing networks (BDCNs) do not provide a unique model of execution. In reality, BDCN operations could qualify for all three venue classifications created by MiFID.