Nasdaq OMX Europe, a pan-European multilateral trading facility (MTF), has delayed the closure of its trading platform to 1 July to complete customer migration to alternative trading venue Equiduct.
On 30 April, Nasdaq OMX Europe, which is owned by global exchange group Nasdaq OMX, announced its intention to shut down following an assessment of its financial prospects.
The MTF, which was originally due to cease trading on 21 May, entered into discussions to migrate its flow to Equiduct, the regulated investment exchange jointly owned by Börse Berlin and Citadel Securities, shortly after the announcement.
The two trading venues have now signed a letter of intent to provide Nasdaq OMX Europe’s client base of over 40 members the option to migrate to the Equiduct platform following its closure at the start of July.
Customers that choose to take up Equiduct membership will be offered a connectivity solution to connect to Equiduct via their existing links at Nasdaq OMX’s data centre located at Finsbury Pavement, London.
Equiduct has recently sought to reposition its platform towards the retail market following a significant investment by market-making and trade execution firm Citadel Securities last July. The exchange also appointed Peter Randall, formerly chief executive officer at MTF Chi-X Europe, at the end of 2009.
According to figures from Thomson Reuters, Nasdaq OMX Europe traded €6.19 billion in April, representing a 0.73% pan-European market share. In the same month Equiduct traded €13.07 million.
Furthermore, Equiduct has hired Ian Werner as its new head of legal and compliance.
Werner’s previous role was at Turquoise, the MTF that was purchased by the London Stock Exchange Group at the start of this year. At Turquoise, Werner was on the board of directors and instrumental in the MTF’s launch authorisation and subsequent sale.
“I am delighted to announce that Ian has joined our management team,” said Randall, in a statement. “His reputation and experience in this industry will ensure that Equiduct continues to comply fully with its responsibilities to the market.”