NYSE Euronext’s two pending European multilateral trading facilities are on track for their Q1 launches, according to Roland Bellegarde, group executive vice president and head of European execution at NYSE Euronext.
The exchange group is poised to launch SmartPool, a non-displayed liquidity venue, and NYSE Arca Europe, a displayed pan-European trading platform.
“We are still working to get the green light from regulators, but we expect that in the coming days – some time around the end of January,” Bellegarde told theTRADEnews.com. “We believe we will get regulatory approval. But the regulators are still asking some additional questions as they are focusing more attention on MTFs in the current environment.”
Regulatory approval is the final hurdle before launch. “Technology-wise, we are ready, and customers are ready,” said Bellegarde. “Customers are connecting and testing.”
SmartPool, a block-trading platform, has been developed by the exchange group in partnership with investment banks BNP Paribas, HSBC and J.P. Morgan. It will be regulated by the UK’s Financial Services Authority.
NYSE Arca Europe will provide displayed trading in pan-European blue-chip stocks in 10 countries outside the existing Euronext markets of Belgium, the Netherlands, France and Portugal.