Europe

Turquoise, a pan-European multilateral trading facility, has cut its fee for non-displayed trading to 0.30 basis points from 0.50 bps from 1 October until the end of this year.

Broking firm Newedge has merged its Madrid operation with that of Altura, a Spanish futures and options brokerage set up in 2000 as a 50/50 joint venture between French broker Calyon Financial and Spanish banking group BBVA.

Europe’s sponsored access market has no shortage of suppliers, but demand for the service is being hampered by a lack of consistency on how it differs from standard direct market access and where responsibility lies for risk controls.

Europe’s broker-owned dark pools or crossing engines will be more open to toxic flow and less able to provide price improvement if they are forced to register as multilateral trading facilities (MTFs), brokers claim.

Burgundy, a multilateral trading facility (MTF) for Nordic stocks, has decided to launch central counterparty (CCP) clearing on 9 October following a review of trading participants’ readiness to use the service.

European post-trade utilities LCH.Clearnet and Euroclear have said they will work together to reduce client costs through greater operational efficiencies between the firms’ respective cash securities clearing business and custody and settlement capabilities.

Turquoise, a pan-European multilateral trading facility (MTF), will allow members to formalise privately-negotiated transactions by bringing them onto its trading platform from 1 October.

Buy-side institutions can now connect to Quote MTF, the new Hungary-based multilateral trading facility, via Neonet, an agency broker and trading technology provider.

BATS Europe, the multilateral trading facility (MTF) owned by US exchange group BATS Global Markets, will cut its fee for removing liquidity to 0.25 basis points from 0.30 bps on a pan-European basis from 1 October until the end of the year.

Index provider FTSE Group will use data from Markit BOAT, the pan-European cash equity trade reporting venue, in its review process to assess stock liquidity.