NYSE Arca Europe, the pan-European multilateral trading facility (MTF) operated by global exchange group NYSE Euronext, will start trading US-listed stocks from 21 April, two days ahead of rival MTF Turquoise.
Both firms announced on 14 April that they would start trading US stocks on the back of a new service offered by both platforms’ incumbent clearing house, EuroCCP. Turquoise, owned by the London Stock Exchange Group, said it would launch its service on 23 April.
Like Turquoise, NYSE Arca Europe will be offering free trading in US stocks for the first three months. However, while NYSE Arca Europe’s trading will launch first, Turquoise’s service is more comprehensive. NYSE Arca Europe will grant customers access to the 100 most liquid US stocks, comprising 86 New York Stock Exchange-listed names and 14 listed elsewhere.
Turquoise, meanwhile, will offer 175 of the most liquid US equities, American depository receipts (ADRs) and exchange-traded funds (ETFs). The list of ETFs includes ‘long’ and ‘short’ securities based on the S&P 500 and Nasdaq-100 indices, S&P industry groups and MSCI country and regional indices. The equities include household names such as Citigroup, Apple and Alcoa, and the ADRs include large European names such as BP and Vodafone.
EuroCCP will clear trades for both trading venues and settle through its account at US central securities depository DTC which, like EuroCCP, is owned by US post-trade provider The Depository Trust & Clearing Corporation.