QUOTE MTF, a Hungarian-based multilateral trading facility, plans to start trading on 5 June and has selected European Multilateral Clearing Facility (EMCF) as its central counterparty (CCP).
QUOTE MTF, which was announced on 9 February, is majority-owned by Canadian firm BRMS Holdings, which also owns Canadian alternative trading system SwiftTrade. The platform will operate its own proprietary trading engine based in London and will offer trading in pan-European equities.
The new trading platform aims to use its low-cost Hungarian operation to offer competitive trading fees. “Based on our novel pricing mechanism, QUOTE MTF will pay the highest rebates, attracting liquidity from day one,” said Tamas Madlena, CEO of QUOTE MTF, in a statement. “The recent success of EMCF, as well as our partnership with them, is a clear justification for European traders to join QUOTE MTF if seeking a low-cost, state of the art equities trading platform.”
Jan Booij, CEO of EMCF, said, “Adding QUOTE MTF to the existing platforms and exchanges for which we act as CCP will benefit the clearing and trading participants on the various platforms and exchanges.”
QUOTE MTF is the second trading platform that has signed up to EMCF in the last two weeks. Last Monday, Burgundy, a regional MTF for Nordic stocks due to launch in Q2 this year, also appointed EMCF as its clearing house.
EMCF is jointly owned the Dutch government and exchange group Nasdaq OMX. It provides CCP services for Chi-X, Nasdaq OMX Europe and BATS Europe. The provision of services to QUOTE MTF is subject to regulatory approval.