MTFs & ECNs

Quote MTF reports strong Swiss volumes

Quote MTF, the pan-European multilateral trading facility (MTF), has reported that its average daily trading volume has reached €130 million, with a large portion of this flow coming from Swiss blue-chip stocks.

According to Thomson Reuters Equity Market Share Reporter, Quote MTF traded €1.17 billion in May – or 0.14% of total European liquidity – up from €251 million in April, the platform's first month of operation.

Just under half of May's total – €478 million – came in Swiss blue chips, where the MTF picked up 0.72% of market share. According to data from fellow MTF BATS Europe, Quote MTF represented 2.21% of trading in Swiss blue chips on 31 May.

“We look forward to building on our position in the coming weeks by further strengthening our breadth across all European markets, continuing to develop our order book and driving up European best bid offers across the board,” said Christian Bower, commercial director, Quote MTF. “There is more than €70 billion passive liquidity on our platform every day so we welcome participants to come and engage and help us drive competition."

Quote MTF launched on 4 April with liquidity provision agreements from eight sell-side firms that were offered a total of 40% equity in the MTF. They received part of this equity upfront, and have to compete for the remaining portion of that equity based on the amount of flow they provide. The MTF is aiming to exceed €2-3 billion average daily value traded by the end of 2012.

"We have had highly positive feedback from market practitioners who conducted intensive analytics on the substance of our liquidity, especially in terms of average trade sizes which exceed market averages,” added Bower. “Quote MTF brings enhanced trading opportunity, market structure benefits and a 50% lower fee for taking liquidity."