Nasdaq OMX Europe, the multilateral trading facility (MTF), has introduced a pan-European order routing service in partnership with investment bank Citi.
The agreement will allow market participants to access Nasdaq OMX Europe’s order book as well as multiple pools of liquidity across Europe.
Citi will provide the high-speed execution platform for the routing service, which includes the Neonet XG Market Gateway product.
“By partnering with Citi, we will offer efficient, fast and low-cost routing through Nasdaq OMX Europe to European primary markets and other MTFs,” said Charlotte Crosswell, president of Nasdaq OMX Europe, in a statement. “We will offer participants the ability to access markets throughout Europe through a single connection.” Nasdaq OMX Europe, which is owned by exchange group Nasdaq OMX, is scheduled to launch its pan-European trading service on September 26.
Rival MTF Turquoise does not currently offer onward routing, although the platform’s COO Adrian Farnham recently said it plans to offer a vanilla onward routing product by Q1 2009 following demand from smaller brokers. Chi-X, the multilateral trading facility launched by Instinet Europe in 2007, also plans to offer a routing capability.
Separately, agency broker and technology provider Neonet said it will offer access to NASDAQ OMX Europe from the platform’s launch date. Neonet already provides access to more than 30 global traditional exchanges and new alternative markets.