French online retail broker Bourse Direct has signed up to trade on Equiduct, a pan-European retail-focused trading platform.
According to Bourse Direct, the move is an effort to comply with MiFID's best execution requirements.
The broker claims that currently, retail orders are still mainly traded on domestic exchanges, despite having lost market share on the most liquid stocks to multilateral trading facilities and believes Equiduct's model will be able to offer its customers an improvement of several euros per order on average compared to primary markets.
“We are very pleased that through this partnership, Bourse Direct can provide its retail clients with the benefits from MiFID: more competitive trading fees, improved traded prices and transparency,” said Peter Randall, CEO of Equiduct.
“By connecting to Equiduct, we offer our customers a solution that allows them to capitalise on the increasing fragmentation of liquidity, a major consequence of MiFID, which is a priority for us,” added Catherine Nini, CEO of Bourse Direct.
Equiduct was initially launched by Borse Berlin in early 2009, but US-based Citadel Securities, the market making and trade execution arm of of Citadel Investment Group, acquired a majority stake in the platform in July 2009. US broker Knight Capital also took a stake in the platform in June this year.