The ability to stitch together the liquidity residing in both public dark pools and brokers’ internal crossing engines is high on many European buy-side traders’ wish lists. But while some trading venues are responding by establishing dark pool aggregation services, regulatory and commercial hurdles could hamper progress.
The London Stock Exchange (LSE) has scrapped a controversial routing fee it was charging other venues for sending trades to its order book, less than five months after it was introduced.
Baikal, the dark pool currently in development by the London Stock Exchange (LSE), plans to offer both continuous and random periodic crossing on its order book in addition to its onward routing functionality, and is continuing its search for broker investment.
Financial IT firm Savvis and telecoms group Orange have both established new links to alternative trading platforms, as demand for low-latency trading connectivity grows.
Improved smart order routing (SOR) technology and a consolidated tape of European pre-trade data will help Chi-X Europe, the first displayed pan-European multilateral trading facility, which celebrates its second birthday today, build on its existing success, according to the platform’s management.
Pan-European multilateral trading facility (MTF) Nasdaq OMX Europe will launch a new equity stake incentive programme in June in a bid to encourage more trading on the platform.
French investment bank Société Générale Corporate & Investment Banking (SocGen CIB) has launched Alpha x Europe, an internal crossing engine for buy-side client order flows, in response to buy-side concerns about market fragmentation, rising trading costs, and gaming in dark pools.
EuroCCP, the European central counterparty service operated by US clearing house DTCC, has reduced its clearing and risk management fees to attract more business to the trading platforms it supports.
Atrium Network, a financial connectivity provider, has added agency brokerage Instinet Europe to its extranet community, granting the broker low-latency connectivity to multilateral trading facilities
Buy-side firm Ignis Asset Management has selected smart order routers (SORs) from five brokers for the first phase of its SOR implementation following an extensive provider review, according to Betsy Anderson, the company’s head of centralised dealing.