Nasdaq OMX Europe, a pan-European multilateral trading facility, is planning to launch Market Replay Europe, a historical market analysis tool for the European market, in the second quarter of this year. Exchange operator Nasdaq OMX, the MTF’s parent, already offers the service in the US.
Market Replay Europe will give Nasdaq OMX Europe’s members access to historical quote and trade data from major European exchanges at any point in time. It will allow users to replay and analyse market activity down to the millisecond, see the full price range of bids and offers over a specified timeframe and share market replays to clients to demonstrate best execution. It also offers a filter to remove exchanges not included in members’ best execution policies.
In addition, the tool permits users to upload custom trades, identify their trades among the market orders, upload trades not seen on the replay, plot trades to demonstrate the best price was achieved, sort data by replay and trade lists, and look up stocks by symbols and ISIN codes.
Nasdaq OMX Europe claims the service will help members comply with MiFID because it allows them to determine the best price at a given time on all pertinent venues, provides instant access to historical data and retains data for later review.