read following paragraph and answer question

Traditional exchanges continue to execute orders, they now face a host of competitors ranging from electronic platforms, such as electronic communication networks (ECNs) and alternative trading systems (ATs), to the trading desks of brokerdealer firms, and even to a variety of new entrants such as futures and options markets. This article examines how this fragmentation of trading is affecting the quality of trading. they explain that although the addition of new trading venues has increased competition, forcing traditional exchanges to lower trading charges and other fees. The proliferation of venues has also provided a wealth of trading options to the trading community, fostering innovations such as reductions in latency and more sophisticated crossing networks. This article raises the question whether fragmentation of trading could degrade market quality.

1. Briefly define market consolidation and fragmentation

2. Discuss arguments for and against market fragmentation with reference to academic literature.

3. Do you thinmk fragmentation is important in the search for optimal market design?