Nasdaq OMX Europe has announced that its routing rate of 0.25 basis points (bps) for FTSE 350 securities will not be affected by the London Stock Exchange’s (LSE) price increase and customers of the recently launched multilateral trading facility (MTF) will not see any increase passed onto them.

READ THE REST

The London Stock Exchange (LSE) has appointed John Wilson, a former managing director and head of capital markets research at Lehman Brothers, as the chief executive of pan-European multi-lateral trading facility (MTF) that is expected to launch next year. He joins from the Expert Analysis Group, a company he founded.

READ THE REST

Multilateral trading facilities (MTFs) have not yet overtaken traditional exchanges in terms of market share but they offer substantial benefits over trading only on exchanges, according to a recent report by Credit Suisse. The report, “MTFs vs Primary Exchanges”, indicates that these benefits include faster execution, anonymity and price improvement.

READ THE REST

BATS European Markets Division, a unit of Missouri-based BATS Holdings, has received authorisation from the Financial Services Authority (FSA) to operate a Multilateral Trading Facility (MTF) in Europe from the end of October, with a staggered rollout of London Stock Exchange (LSE), Euronext and Xetra securities. The launch comes slightly sooner than the operator originally indicated earlier this year.

READ THE REST

Pan-European equity multilateral trading facility (MTF) operator Chi-X Europe has begun trading, clearing and settling five of the top component stocks of the Italian S&P MIB40 index. The MTF operator plans to introduce the remainder of the index’s components later in the month.

READ THE REST

Turquoise, the pan-European trading platform established by Europe’s leading investment banks, has deployed Corvil’s CorvilNet to monitor trading systems within its London-based market center. Corvil’s global client base encompasses leading market centers, investment banks, hedge funds and allied service providers. CorvilNet monitors, analyses and optimises electronic trading infrastructures against ultra low-latency objectives, encompassing market data feeds and order execution traffic.

READ THE REST

Financial information software provider Blue Systems has revealed that it will be the first company to deliver real-time market data alternative equity trading venues BATS, Chi-X Europe and Turquoise globally via its blue mobile – the first such professional-grade application to be priced for the mass market and professional investors.

READ THE REST

Global end-to-end systematic trading solutions provider QuantHouse has announced the launch of its sub-millisecond data feed-handler and direct market access connectivity to Turquoise Trading, the new MTF that launched on 26 September and signed up its first undisclosed customer.

READ THE REST

Nasdaq OMX Europe, the new trading venue that secured approval by the UK’s Financial Services Authority (FSA) to operate as a Multilateral Trading Facility (MTF) from the platform’s launch date late last month, is to add the main indices for stocks quoted on Euronext’s main markets, Deutsche Boerse’s DAX 30 and the Nordic region by the end of October.

READ THE REST

By Roger Aitken, Contributing Editor, A-Team Group

Does the entrance this season of a bewildering array of new alternative equity trading venues in Europe offer real choice or just a new set of headaches?

A plethora of new European trading venues is heading this way – and fast. The EU’s Markets in Financial Instruments Directive (MiFID) was unleashed in November of last year, with many describing it as a damp squib. Since then, however, a raft of new equity execution venues – from repackaged exchanges to multilateral trading facilities (MTFs), and private and public dark pools – have launched or indicated their intention to launch, with several significant ones due to come onstream starting about now.

Read the rest of this article in the September 2008 issue of A-Team IQ.

Get A-Team IQ delivered to your desk free if you are a newsletter subscriber. Or click here to purchase a subscription.

Thomson Reuters has launched an ultra low latency direct feed to Turquoise, the multi-lateral trading facility (MTF) established by nine leading European investment banks to deliver market data and trading connectivity. The sub-millisecond direct exchange feed for Turquoise is in response to growing interest in multilateral trading facilities.

READ THE REST

Burgundy, the regional multilateral trading facility (MTF) for Nordic securities slated to launch in the second quarter of 2009, could see its existing ownership structure expanded to include several more securities firms, according to its recently appointed chief executive office. And the platform’s trading fees could be significantly lower than the region’s incumbent exchanges.

READ THE REST

Numis Securities, an independent broking group focussed on London-quoted mid and small cap companies, is live on alternative trading venues Chi-X and Turquoise, using GL Trade’s GL RIMS middle and back office solution for post-trade processing and helping to facilitate best execution requirements for the firm’s customer base.

READ THE REST

Less than a week after Cinnober Financial Technology AB was appointed as the trade platform partner to the Hong Kong Mercantile Exchange (HKMEx), the IT vendor has been selected as technology partner to Burgundy, the regional multilateral trading facility (MTF) for Nordic securities owned by a consortium of leading Nordic banks and securities houses. The agreement represents Cinnober’s first major contract in Sweden.

READ THE REST

Turquoise, the pan-European equity trading platform backed by nine of Europe’s leading investment banks, is to be publicly launched from 7:30am on Monday, 22 September, at an opening bell ceremony by Peter Gibbs, chairman and Eli Lederman, chief executive at their Austin Friars offices in London.

READ THE REST

Global agency broker Neonet has revealed that is to offer access to Nasdaq OMX Europe upon its target launch on 26 September 2008, and follows close on the heels of the broker connecting to BATS Trading in Europe for its November launch.
Neonet blends the order books of traditional exchanges and alternative marketplaces into what Simon Nathanson, CEO and President of Neonet, describes as a “river of liquidity to ensure that transactions are made at the best possible price across multiple markets.”

READ THE REST

BATS Holdings’ European Markets division has appointed Eric Crampton as head of software development for its European Markets arm. Crampton, who has many years experience in developing automated trading systems, joined BATS earlier this year. He will remain in the firm’s Kansas City headquarters.

READ THE REST

Tbricks, a provider of automated trading systems, has added Chi-X Europe to its list of certified trading venues.

READ THE REST

Turquoise, the MiFID-inspired and investment bank owned cash equity trading platform, started trading August 15. Five stocks each from the UK and Germany kicked off trading but the total should reach about 1,300 stocks across 13 European markets come the full launch in September.

READ THE REST

KAS Bank has indicated that it is now acting as general clearing participant for Turquoise, the new pan-European multilateral trading facility (MTF) that was launched at the end of last week. This allows accredited firms to clear and settle their trades on Turquoise through KAS Bank’s European clearing and settlement platform.

READ THE REST