Pan-European multilateral trading facility (MTF) Quote MTF has made two hires for its supervisory board, including a former director of the Hungarian finance regulator, as it seeks to reinforce its compliance team.
Ilona Török, previously responsible for the regulatory compliance of capital markets institutions at the Hungarian Financial Services Authority, joins Quote MTF as a non-executive director of the supervisory board.
“Market-leading passive liquidity providers are joining us in our efforts to keep competition alive and it is crucial that Quote's next generation multilateral trading facility complies with all existing and future market regulations for the good of the industry and our investors,” commented Török.
The MTF has also hired Mario Josipovic, who has both legal and trading venue experience. Josipovic has previously worked as a securities lawyer in Toronto, Canada and as an in-house counsel at a financial services firm. He also spent two years at the helm of Canadian alternative trading system Omega ATS, and is also general counsel of Orbixa, Quote MTF's Canadian sister company and technology provider.
Quote MTF, which claims to only need a fraction of a percent of pan-European market share to break even, recently announced plans to offer equity stakes for liquidity providers and to cap commission fees for all members at €14,000 until 2012. According to data provider Thomson Reuters' Equity Market Share Reporter, Quote MTF traded €6.28 million in September.