Turquoise Trading, the new equity MTF backed by a consortium of investment banks, has experienced its first temporary trading glitch prior to the platform being formally launched later this month.

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Nasdaq OMX Europe’s decision to enter into a partnership with Citi to provide routing broker services that will enable the exchange to become the first multi-lateral trading facility (MTF) to offer a pan-European order routing service, was sealed as a result of the broker’s highly competitive pricing and wide market access with associated low latency connectivity to multiple markets, it has been revealed.

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Atrium Network, a provider of smart connectivity, is offering connectivity to BATS Europe, the pan-European multilateral trading facility (MTF) scheduled to launch this November. The announcement comes after global agency broker Neonet disclosed on 29 August that it would also offer trading access to the new alternative market.

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Chi-X Europe is now trading, clearing and settling five of the top component stocks of the Austrian ATX 20 index, and plans to introduce the remainder of the index’s components later in the month.

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BNP Paribas Securities Services has completed its end to end testing with Turquoise, the multilateral trading facility (MTF) due to be launched next month. According to the bank, it will offer clients full post-trade support through its status as a general clearing member (GCM) on European Central Counterparty (EuroCCP) – Turquoise’s central counterparty (CCP).

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EuroCCP has completed the final phase of the end to end system testing required for next month’s limited live testing of the pan-European trading platform Turquoise, before its launch in September. The final phase of testing involved the passing of actual data between EuroCCP and the Turquoise trading platform, all trading parties and Citi Global Transaction Services, who is acting as settlement agent.

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As well as exchanges globally embracing cutting-edge technologies and offering value-added services to maintain their competitive positions, they must also reduce tariffs, improve latency performance, raise peak second transaction capacity and boost transaction capacity through M&A deals to meet end user expectations and stay two steps ahead, a Cisco Exchanges Survey contends.

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Ullinkhas become a fully certified provider of DMA connectivity technology to Turquoise, the multilateral trading facility (MTF) established by nine leading European investment banks and due to be launched in September.

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Merrill Lynch’s smart order router has executed in excess of 100 million shares on Chi-X Europe on a single trading day this July in a combination of equities traded across all the markets currently offered by the Pan-European equity multilateral trading facility (MTF).

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Pan-European multilateral trading facility (MTF) Turquoise has decided to abandon plans to open 15 minutes before European exchanges when it launches in September. According to an interview in the Financial Times with Turquoise CEO Eli Lederman, the decision was prompted by “fear mongering” from the region’s exchanges.

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New pan-European trading venue Börse Berlin Equiduct Trading says it has a dark pool offering in the works, but it is first preparing for its September “soft launch” by on-boarding clients, fine tuning its performance and disaster recovery, testing with vendors and finalising its connections to clearing and settlement providers.

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Pan-European equity multilateral trading facility (MTF) Chi-X Europe is now trading, clearing and settling five of the top component stocks of the Belgium BEL 20 index. It also plans to introduce the remainder of the index’s components later in the month.

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Prior to the launch of its pan-European trading platform Equiduct Trading later this year, Börse Berlin has joined the Federation of European Securities Exchanges (FESE) in order to position itself as a “start up”.

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Chi-X’s clients now include all the nine banks that are backing rival pan-European trading platform Turquoise, which is planned to go live in September this year. Deutsche Bank, the latest bank to start trading on Chi-X, is routing client orders to Chi-X Europe via the bank’s equity electronic trading and analytics platform, Autobahn Equity.

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Nyfix has become the latest new entrant in the European dark pool sector with last month’s launch of Euro Millennium, a neutral venue for pan-European listed equities. A year in the making, Euro Millennium has been designed to cater to both buy- and sell-side institutions and was developed with input from an advisory board comprised of institutions from both sides of the fence.

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Founding shareholders in Turquoise, the multilateral trading (MTF) facility for European securities trading incorporating a ‘hybrid’ trading model, have “committed” to being connected to the MTF’s platform from day one this September and to be market makers from the same point in time, Eli Lederman, CEO of Turquoise Trading Limited, says.

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With the trading platform built by Cinnober for Turquoise expected to go live in September 2008 after extensive testing this summer, Turquoise announced late this January that it was partnering with Progress Software and Detica to deliver a real-time market surveillance system. The surveillance system will be delivered “in conjunction” with Turquoise’s trading platform over the coming months, according to a spokesperson.

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NYSE Euronext’s partnership with investment banks BNP Paribas and HSBC to create an electronic block trading facility dubbed “Project SmartPool” is being described as a response to client discussions, “well timed” to exploit opportunities from MiFID as it offers a new, alternative execution model, different from its transparent limit order book.

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The decision announced on October 25 by Turquoise, the multilateral trading facility (MTF) being set up by a consortium of European investment banks, to use technology from Cinnober for its trading platform may not have rested solely on the vendor’s high scalablility and low latency credentials in “world class” territory, but also on its independence.

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As exclusively reported in MiFID Monitor’s sister title Electronic Trading last month prior to Chi-X Europe’s formal announcement, the MTF for trading of equities on a pan-European basis added trading in French blue chip constituents on the CAC-40 index from September 28.

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