this paper is more specific https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3500919 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3500919 I first se

this paper is more specific https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3500919 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3500919 I first seriously discussed how Google is a systematic internaliser with my cofounder in 2003. The next year Google together with a consortium of major publishers abandoned and wrote off a $350MM initiative to enable trading in traditional and print media and the Advertising Age piece even reported specifics why they were disbanding which read close enough to what we began doing since 1996. The reasons involve a lot of micro market theory and since there's a involved corporate history that's about as much as I can say other than it looked very clear to us that Google merely found that the traditional media had managed to stitch up their markets in similar ways without any theoretical appreciation for their actions. definition : https://www.gbm.hsbc.com/financial-regulation/mifid/si https://www.gbm.hsbc.com/financial-regulation/mifid/si