Agency broker Instinet Europe has become the latest member to join The Order Machine (TOM), a Dutch retail-focused multilateral trading facility (MTF).
TOM was initiated in 2009 as a joint venture between electronic market makers Optiver and BinckBank. It consists of the TOM MTF trading platform and TOM Smart Execution, which is designed to seek out the best price at which a retail order can be executed across a variety of trading platforms and route the order correspondingly.
“TOM is very happy to welcome Instinet as a new member on our platform,” said Willem Meijer, CEO of TOM. “We expect our platform to be a valued addition for Instinet's execution strategy.”
TOM began trading Dutch equities on its MTF in October 2010, marking the point at which the venue became open to third parties in addition to its founders. ABN AMRO Clearing Bank acquired a 25% stake in TOM in July 2010.