Pan-European multilateral trading facility (MTF) Quote MTF has launched QUBE, an outsourced, hosted solution that enables brokers to have Quote build their own MTF or crossing network.
QUBE will offer clients a hosted trading platform, that will be regulated as an MTF. Clients can select from two types of service model, depending on whether they use the Quote MTF regulatory licence or their own. If the Quote MTF licence is used, Quote builds the platform and runs it for the firm, using Quote's own regulatory licence. Firms can then have Quote tailor their MTF with different transparency levels, matching mechanisms and fee models. QUBE will also offer online analytics, surveillance and hosting environment segregation.
The platform is based on Quote MTF's Thymex technology and offers execution speeds of 250 microseconds, making it the fastest matching system in Europe according to the firm. Thymex has powered Quote MTF since its launch in April 2011, as well as Canada’s Omega ATS since 2009.
“Anyone can launch an MTF or broker crossing network for as little as €10,000 per month, using our technology,” said Christian Bower, commercial director, Quote MTF. “This is a fraction of the cost offered by rival platforms. We are bringing true competition to this sector, enabling even the smaller brokers to benefit from our technology, as well as larger firms that want to keep control over their expenditures.”
Quote MTF operates a lit trading venue that covers 2,000 stocks across 15 European markets. According to Thomson Reuters, Quote MTF traded €934.6 million in April, representing 0.13% pan-European market share.