NYFIX, a provider of information and analytics services, today launched Euro Millennium, a dark pool of liquidity for pan-European listed cash equities. Euro Millennium is open to both buy- and sell-side traders and is built upon the technology that powers NYFIX Millennium, a US dark pool that has been in operation for the past seven years.
Euro Millennium was developed with the direct participation of an advisory board which worked with NYFIX for nearly a year. Members of the advisory board include Allianz Global Investors, Baring Asset Management, BNP Paribas Securities Services, Citi, CACheuvreux, Credit Suisse, DWS Investments, Insight Investment, JPMorgan Asset Management, JPMorgan, Merrill Lynch, Resolution Asset Management, Schroder Investment Management and UBS.
“Euro Millennium was born out of a committed year-long partnership with buy- and sell-side participants who have provided valuable advice and feedback,” comments Chris Smith, director, NYFIX International. “Euro Millennium reflects the rapidly evolving needs of our clients in today’s environment of dramatic regulatory change and increased competition,” he adds.
Euro Millennium currently matches UK-listed equities and will be rolling out other major European markets over the course of 2008.
Credit Suisse was the first client to successfully match a live trade on this new dark liquidity venue using its Advanced Execution Services (AES) algorithms on the first day of operation.
“We support Euro Millennium’s aim to widen the competitive landscape among exchanges and alternative trading venues in Europe,” remarks Naseer Al-Khudairi, co-head of cash trading, Credit Suisse. “As a member of the Euro Millennium advisory board, we are confident that the service supports our drive to achieve best execution for our clients and we believe a collaborative approach to harnessing dark liquidity in Europe is the best way to satisfy our clients’ execution performance objectives.”
“By supporting NYFIX we are increasing further the liquidity options available to our clients,” notes Richard Evans, global head of Citi Electronic Execution.