Industry firms remain divided on the need for a single platform to unify trading of various asset classes. Sapna Patel, Morgan Stanley's head of market structure and liquidity strategy, said at an industry conference that asset classes diverge in their trading characteristics and that they have different regulators. "FX doesn't trade like rates which, in turn, don't trade like credit," Patel said. "You have to take the individual characteristics under consideration if you're trying to trade them over the same platform."

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