NYFIX Euro Millennium, a non-displayed pan-European multilateral trading facility (MTF), has closed its doors following the completion of exchange group NYSE Euronext’s acquisition of its parent, trading technology firm NYFIX.
Euro Millennium customers are expected to shift their liquidity to SmartPool, NYSE Euronext’s pan-European dark pool, which launched in February with backing from brokers HSBC, J.P. Morgan and BNP Paribas.
NYFIX launched Euro Millennium, a European version of its Millennium US dark pool, in March 2008.
With the completion of the acquisition, NYSE Technologies, the trading technology subsidiary of NYSE Euronext, will assume control of NYFIX’s FIX business, which includes NYFIX Marketplace, its 1,000-strong trading community that has access to NYFIX’s connectivity and other trading services.
According to NYSE Euronext, the purchase will expand its pre-trade product offering and global buy- and sell-side communities.
“With the NYFIX Marketplace, NYSE Technologies now provides a vital and unique connectivity link between the buy-side and sell-side at the point of origin in the trade flow process,” said Stanley Young, CEO, NYSE Technologies and co-CIO, NYSE Euronext, in a statement. “This includes more than 450 buy-side institutions and more than 600 sell-side institutions, and connections to exchanges and other electronic trade execution venues around the world.”
NYSE Euronext’s acquisition of NYFIX, a $144 million all-cash deal, was approved by NYFIX stockholders on 3 November. NYFIX’s Transaction Services business, which includes its direct market access and algorithmic products as well as the Millennium US dark pool, is being bought by agency broker and technology provider ConvergEx, subject to regulatory approval.