> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/definitions/mifir/liquidity-fragmentation.md).

# liquidity fragmentation

*In force · MiFIR Article 2(1), point (45) · Consolidated version of 23 November 2025 · Checked against EUR-Lex on 30 Sep 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123)

### Definition

> **(45)** ‘**liquidity fragmentation**’ means a situation in which:
>
> **(a)** participants in a trading venue are unable to conclude a transaction with one or more other participants in that venue because of the absence of clearing arrangements to which all participants have access; or
>
> **(b)** a clearing member or its clients would be forced to hold their positions in a financial instrument in more than one CCP which would limit the potential for the netting of financial exposures;

### Source

[MiFIR, Article 2(1), point (45)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123).


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